CARRIAGE ENTERS NEGOTIATIONS WITH DIXIE
CARRIAGE ENTERS NEGOTIATIONS WITH DIXIE CALHOUN, Ga., Sept. 18 /PRNewswire/ -- Carriage Industries, Inc.
(NYSE: CGE) today acknowledged that it has entered into negotiations with Dixie Yarn, Inc. (NASDAQ-NMS: DXYN) regarding a potential business combination between the companies.
No agreement has been reached regarding the terms of any such transaction. Negotiations are being conducted on behalf of the company by the previously appointed special committee of the board and its advisors. The special committee has retained the right to consider proposals to acquire the company from other parties, and Dixie has agreed not to acquire other Carriage shares during the pendency of its negotiations with the company. On Sept. 4, Dixie announced that it had entered into an agreement to acquire all of the shares owned by Clarence E. Harris, the company's chairman and principal shareholder. Dixie also announced that it intended to negotiate a merger of the two companies. Carriage, with fiscal 1992 sales of $119 million from continuing operations, is a vertically integrated manufacturer of carpet for specialized markets. The company is a leading supplier to the manufactured housing, recreational vehicle, small boat and exposition trade show industries. Carriage also produces carpet for the contract/residential, hospitality/commercial and home center/needlebond markets. Corporate offices and most of Carriage's 800 carpet employees are in Calhoun, Ga. Sales offices and distribution centers are strategically located across the United States. The company's transportation subsidiary operates one of the largest trucking fleets in the carpet industry. -0- 9/18/92 /CONTACT: Steven G. Jones, vice president-Finance of Carriage Industries, 706-629-9234/ (CGE DXYN) CO: Carriage Industries, Inc.; Dixie Yarn, Inc. ST: Georgia IN: TEX SU:
BN-BR -- AT006 -- 1325 09/18/92 17:29 EDT
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|Date:||Sep 18, 1992|
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