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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.

November 1999