Mohawk To Acquire Lees Carpets

Mohawk To Acquire Lees Carpets
Mohawk Industries Inc., Calhoun, Ga., has agreed to purchase Greensboro, N.C.-based Burlington Industries Inc.’s Lees Carpets division.The deal, worth an estimated $352 million, is a provision of New York City-based WL Ross & Co. LLC’s successful bid to acquire Burlington“Lees Carpets is a leader in the contract commercial segment of the industry with products that will complement our existing product line,” said Jeffrey S. Lorberbaum, president and CEO, Mohawk. “It is Mohawk’s intention to strengthen Lees’ sales and marketing by offering new products and expanding the existing business.”Lorberbaum praised Lees’ employees and operations in Greensboro and Glasgow,Va. “We believe the financial strength of Mohawk along with our excellent employee relations history will add to the security and stability for Lees’ employees,” he said. Mohawk posted record earnings in the second quarter of 2003.
Fall 2003