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Dixie Group Plans Purchase Of Multitex-Globaltex

The Dixie Group Inc., Chattanooga, Tenn., announced it has signed a letter of intent to acquire the assets of Multitex Corp. of America, Dalton, Ga., which includes Globaltex Carpet Mills Ltd., Dalton. Multitex is a manufacturer of carpet and carpet yarns with annual revenues of $85 million.

The Dixie Group, which announced plans to exit the textile yarns and fabrics markets to focus exclusively on floorcovering, will finance the deal from current debt availability and funds expected from the sale of textile assets.

January 1999