WestPoint Stevens Announces Stock Repurchase
WestPoint Stevens Inc., West Point, Ga., has announced that its board of directors has approved the
repurchase of up to 4 billion additional shares of the companys common stock. This brings the total
aggregate number of shares remaining to be repurchased under the existing stock repurchase program
to approximately 6.4 million shares or 12 percent of the 55 million outstanding shares. The
repurchases shares will be acquired for general corporate purposes.WestPoint Stevens also reached
an agreement with its bank lenders to amend the companys bank revolver to permit the company to use
up to $100 million of available funds in support of the expanded stock repurchase program. The
board of directors has authorized the repurchase of these shares because it believes the stock to
be an attractive investment at this time. The company continues to enjoy substantial growth in its
home fashion business, and we remain positive about the outlook for the future, said Holcombe T.
Green Jr., chairman and CEO, WestPoint Stevens.The company also announced that its board of
directors approved the companys filing an application to list the companys common stock on the New
York Stock Exchange.