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Springs to acquire Beaulieu's accent rug business

February 1, 2002
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Beaulieu Group and Springs Industries have signed a letter of intent for the sale of Beaulieu's rug division to Springs.

FORT MILL, S. C. - Beaulieu Group, LLC and Springs Industries, Inc. (NYSE:SMI) have signed a letter of intent for the sale of Beaulieu's rug division to Springs. The purchase price was not disclosed.

The purchase would include manufacturing and related assets in Dalton, Ga., and Stratford, Ontario, Canada. The rug division of Beaulieu manufactures woven area and accent rugs and tufted bath rugs.

"Adding Beaulieu rugs will enable Springs to expand into a new product line and fits our strategy of offering fashionable products for every room in the home," said Springs chairman and CEO Crandall C. Bowles. "Beaulieu is known for its quality rugs, and we look forward to adding these products to our growing array of home fashions."

The purchase by of Beaulieu (www.beaulieu-usa.com) has already received federal antitrust clearance. It is subject to antitrust approval in Canada. The transaction is expected to close this month.

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

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

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