Mohawk Industries to acquire Lees Carpet
July 21, 2003-- Home Textiles Today,
Calhoun, GA — Mohawk Industries Inc. today announced it has entered an agreement with W. L. Ross & Co. to acquire the assets and assume certain liabilities of Lees Carpet, the carpet division of Burlington Industries Inc.
Ross has entered a binding bid to Burlington to purchase certain assets and assume certain liabilities of Burlington in connection with its emergence from bankruptcy. This bid includes a provision for Lees Carpet to be sold to Mohawk by Ross if it is successful in the auction process. The auction is scheduled for July 28, and a bankruptcy court hearing to approve the auction is scheduled for July 31.
Should Ross win the auction, the closing of Mohawk's purchase of Lees Carpet would be subject approval by the bankruptcy court overseeing Burlington's plan of reorganization.
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