Glen Raven To Acquire Astrup, John Boyle

Glen Raven Inc., Glen Raven, N.C.,
plans to acquire The Astrup Co., Cleveland, and John Boyle & Co., Statesville, N.C. — leading
suppliers of materials, including Sunbrella® and other Glen Raven performance fabrics, for awning,
casual furniture and marine applications.

“Glen Raven remains committed to growing and supporting the industrial fabric industry,”
said Allen E. Gant Jr., president, Glen Raven. “Merging Glen Raven’s resources with those of Boyle
and Astrup will create a stronger, more diversified organization that is capable of providing
enhanced value throughout the entire supply chain. This strategic initiative will allow us to grow
each of the markets we serve by working more directly with our customers.

“Timing is ideal for the merger of our companies,” he continued. “Today’s global markets
demand innovative products, efficient supply chains, close working relationships with customers and
strong consumer brands. We can achieve all of this and more by joining forces with the talented
people at Boyle and Astrup.”

Astrup and Boyle have had business relationships with Glen Raven for more than a
century. Astrup brings 14 distribution centers located throughout North America to the deal, while
Boyle brings its knitting, coating and laminating capabilities and 300,000-plus square feet of
manufacturing, distribution and administration facilities.

The acquisitions are expected to be completed by mid-May 2007.

January/February 2007