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Burlington To Sell Decorative Mats Business To Ronile

GREENSBORO, N.C., June 20 /PR Newswire/ -- Burlington Industries, Inc.(NYSE: BUR) announced today that it has signed a definitive agreement to sell its decorative mats business, marketed under the Bacova(R) name, located in Low Moor and Bath County, Virginia to Ronile, Inc. The sale is subject to normal closing requirements, which are expected to be complete by the end of the month. George W. Henderson, III, Chairman and CEO of Burlington, said, "We are pleased to reach this agreement. This has been a good business for us, and we are confident that the Bacova(R) brand will lead Ronile into new and exciting markets. The sale of this operation completes the divestiture of the Burlington House Floor Accents division. This action is in line with our initiatives to reduce debt and focus our resources on our core businesses." Burlington Industries, Inc. is one of the world's largest and most diversified manufacturers of soft goods for apparel and interior furnishings. Ronile, Inc. is one of the world's leading suppliers of custom dyed accent yarns located in Rocky Mount, Virginia. This press release contains statements that are forward-looking statements within the meaning of applicable federal securities laws and are based upon the company's current expectations and assumptions, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include,among other things, global economic activity, the success of the company's overall business strategy, the company's relationships with its principal customers and suppliers, the success of the company's operations in other countries, the demand for textile products, the cost and availability of raw materials and labor, the company's ability to service its existing debt and to finance its capital expenditures and working capital needs, the level of the company's indebtedness and its exposure to interest rate fluctuations,governmental legislation and regulatory changes, and the long-term implications of regional trade blocs and the effect of quota phase-out and lowering of tariffs under the WTO trade regime and of the changes in U.S.apparel trade as a result of recently-enacted Caribbean Basin and Sub-Saharan African trade legislation. Other risks and uncertainties may also be described from time to time in the company's other reports and filings with the Securities and Exchange Commission.SOURCE Burlington Industries, Inc.Web Site: http://www.burlington-ind.com Copyright 2001 PR Newswire




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