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Dixie Signs Letters Of Intent To Sell Yarn Business

The Dixie Group Inc., Chattanooga, Tenn., has signed letters of intent with two separate, privately held parties to sell its specialty yarns operations, the company's only remaining textile business.Terms of the letters were not disclosed, and are subject to finalizing agreements and government review.Dixie announced in September 1998 that it planned to divest all of its remaining textile operations and subsequently announced the sale of the Tarobo, N.C., and Jefferson, S.C., facilities. The Specialty Yarn Business consists of four facilities in North Carolina and Tennessee and employs approximately 1,200 people.Exiting the textile markets allows Dixie to focus exclusively on its growing floorcovering business, revenues of which are expected to exceed $600 million in 1999. Dixie recently completed two floorcovering acquisitions: Ideal Fibers and Globaltex Carpets."We have found two strong and successful companies that are interested in our yarn mills and recognize the capabilities of our textile associates," said Daniel K. Frierson, chairman. "We hope to close these transactions within a short time. Cash from this transaction, together with that from the Tarboro and Jefferson facilities, will be used to pay down debt and support our continuing growth as a floorcovering company."

March 1999