Greensboro, NC, August , 2003 - Burlington Industries, the parent company of Lees Carpets, has previously announced the approved sale of Burlington Industries to WL Ross & Co., LLC, including the concurrent sale of Lees to Mohawk Industries. The sale is expected to close sometime in October, pending anti-trust and creditor approval.“A period of uncertainly has come to an end,” said Lees President James R. McCallum. “As we form our new union with Mohawk we are excited about the opportunities ahead for Lees and our customers. Distractions that may have been caused by Burlington’s restructuring are behind us and we can now refocus our efforts towards increasing the momentum we’ve built over the last several years.“I have been very impressed by the openness of Mohawk’s management. They have a firm understanding of the value Lees provides to its customers and they also understand the importance of perpetuating that value.” McCallum continued, “Lees has a well defined strategic direction and we will continue along this path. Our union with Mohawk provides significant financial stability and synergistic potential, which we believe offers an even brighter future for Lees. We are all very excited about what we can achieve.” Work to determine how to provide greater value to our customers with the combined assets of Lees and Mohawk is ongoing and expected to continue over the next several months.
