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Dixie Moves Closer To Floorcovering Business

The Dixie Group, Chattanooga, Tenn., announced the completion of the sale of its Tarboro, N.C., yarn spinning facility to Fieldcrest Cannon Inc.The Tarboro plant has been held for sale since December 1996.The Dixie Group also announced that it has sold its Jefferson, S.C., knit fabric operation to Spartan Mills, Spartanburg, S.C. The facility was put up for sale as a discontinued business in the second quarter of 1998.Both sales are part of Dixies previously announced strategy to divest its textile businesses and focus exclusively on its floorcovering business.The Dixie Group has retained First Union Capital Markets to manage the companys intended sale of its remaining yarn textile businesses (see News, ATI November 1998).Dixie expects to conclude this effort in the first quarter of this year.We hope very soon to conclude the sale of our knit fabric business, said Daniel K. Frierson, chairman of The Dixie Group.This progress in our textile business divestitures enables us, as we start the new year, to focus on the future of Dixie as a floorcovering company.The company also announced that it had completed the previously announced acquisition of the assets of carpet and carpet-yarn producer, Multitex Corp. of America Inc., Dalton, Ga. Multitex sells carpet under the Globaltex name through home centers and other retail floorcovering channels, with reported annual revenues of $85 million.According to The Dixie Group, the purchase price was $30 million in cash, plus future payments keyed to revenue growth.

February 1999