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Springs completes acquisition of Beaulieu rug business

March 25, 2002
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Leading home furnishings manufacturer and marketer Springs Industries, Inc. has completed the purchase of Beaulieu of America's rug divisions in the United States and Canada.

FORT MILL, S.C.--Leading home furnishings manufacturer and marketer Springs Industries, Inc. (NYSE:SMI) has completed the purchase of Beaulieu of America's rug divisions in the United States and Canada.

The purchase includes manufacturing facilities Dalton, Ga., and Stratford, Ontario, Canada, employing approximately 650 employees, and a license to use the Beaulieu and Peerless brand names on home furnishing products other than carpet.

"We are pleased to add Beaulieu rugs to our existing bath and accent rug line," said Crandall Bowles, Springs chairman and chief executive officer. "Area rugs are a growth category, and this new business will strengthen our relationship with many of our major retail customers in the U.S. and Canada. We welcome these Beaulieu employees to Springs."

Carl Bouckaert, chairman and CEO of Beaulieu Group (www.beaulieu-usa.com), said, "We are delighted to see our rug divisions and all of their employees join the Springs family. We are looking forward to an on-going relationship between Springs and Beaulieu."

Beaulieu is the world's largest provider of indoor/outdoor carpets and the undisputed world leader in woven rugs, and the world's third largest and largest privately owned carpet manufacturer.

Springs Industries (www.springs.com) supplies leading retailers with a complete line of sheets, towels, comforters, rugs, window treatments and other coordinated home furnishings designed to simplify home decorating for every consumer. The privately held company operates facilities in 13 U.S. states, Mexico and Canada.

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