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WL Ross Completes Burlington Purchase

WL Ross CompletesBurlington PurchaseWL RossandCo. LLC, New York City, has completed its acquisition of Greensboro, N.C.-based Burlington Industries Inc. and the concurrent sale of Burlingtons Lees Carpets division to Mohawk Industries Inc., Calhoun, Ga. Wilbur L. Ross is chairman of the newly restructured company, which has emerged from Chapter 11 bankruptcy. Joseph L. Gorga, former executive vice president, North American Operations, has been named president and CEO. George W. Henderson III, previous chairman and CEO, and other members of Burlingtons former senior management team have left the company to pursue other opportunties.Burlingtons debt burden has been reduced from $800 million at the time it filed bankruptcy to $85 million, Ross said. Therefore, the Burlington employees who have remained loyal during the bankruptcy to the new company no longer have to worry about the solvency of their employer.Ross also said nanotechnology products developed by Burlington affiliate Nano-Tex LLC, Greensboro including NANO-CARE® stain repellent and NANO-DRY® hydrophilic enhancement are being used in a number of apparel products.As well, a new licensing arrangement with Kayser Roth Corp., Greensboro, will result in a series of new footwear items under the Burlington B brand. I am excited by the challenge of leading Burlington back to success, Gorga said. Despite the fiercely competitive nature of the global textile industry, the Nano-Tex progress and Kayser Roth opportunity both suggest positive momentum in that direction already is building. December 2003