Collins & Aikman Announces Retirement of $38 Million In JPS Automotive Senior Notes.

Business Editors, Automotive Writers

TROY, Mich.--(AutomotiveWire)--Sept. 21, 2000

Collins & Aikman Corporation (NYSE:CKC) today announced that its JPS Automotive subsidiary has purchased in the open market and retired $38 million principal value of its 11-1/8 percent Senior Notes due 2001. The purchases were funded with excess cash on hand at the JPS subsidiary and closed during the months of August and September. Commenting on the transaction, Rajesh Shah, Executive Vice President and Chief Financial Officer, noted, "Collins & Aikman intends to continue its efforts to reduce the financial leverage of the company while maintaining comfortable liquidity levels. Our ability to implement transactions such as these will help reduce our interest costs and total debt outstanding." The remaining balance of the Senior Notes outstanding is approximately $48 million, which are due in June 2001.

Collins & Aikman Corporation (NYSE:CKC) is the global leader in automotive floor and acoustic systems and a leading supplier of automotive fabric, interior trim, and convertible top systems. The Company's operations span the globe with 63 facilities and nearly 16,000 employees in 12 countries who are committed to achieving total excellence. Collins & Aikman's high-quality products combine industry-leading design and styling capabilities, superior manufacturing capabilities and the industry's most effective NVH "quiet" technologies. For more information about Collins & Aikman, visit the Company's web site at www.collinsaikman.com.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Collins & Aikman operates, fluctuations in the production of vehicles for which the Company is a supplier, changes in the popularity of particular car models or particular interior trim packages, the loss of programs on particular car models, labor disputes involving the Company or its significant customers, changes in consumer preferences, dependence on significant automotive customers, the level of competition in the automotive supply industry, pricing pressure from automotive customers, the substantial leverage of the Company and its subsidiaries, limitations imposed by the Company's debt facilities, charges made in connection with the integration of operations acquired by the Company, the implementation of the reorganization plan, risks associated with conducting business in foreign countries and other risks detailed from time-to-time in the Company's Securities and Exchange Commission filings including without limitation, in Items 1 and 7 of the Company's Annual Report on Form 10-K for the year-ended December 25, 1999, and Item 1 in the Company's Quarterly Report on Form 10-Q for the period ended July 1, 2000.