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SPRINGS INDUSTRIES IN PROCESS OF CONCLUDING NEGOTIATIONS WITH INTERGLAS A.G. TO ACQUIRE MINORITY EQUITY POSITION IN INTERGLAS RECAPITALIZATON

SPRINGS INDUSTRIES IN PROCESS OF CONCLUDING NEGOTIATIONS WITH INTERGLAS A.G. TO ACQUIRE MINORITY EQUITY POSITION IN INTERGLAS RECAPITALIZATON
 FORT MILL, S.C., Aug. 31 /PRNewswire/ -- Springs Industries (NYSE: SMI) today announced it is in the process of concluding negotiations with Interglas A.G. of Ulm, Germany to acquire a minority equity position in a recapitalization of Interglas in exchange for the Belgian and United Kingdom operations of Springs' Clark-Schwebel subsidiaries.
 Clark-Schwebel and Interglas are both producers of fiber glass fabric for use in electronics, composites, and other markets.
 The boards of directors of both Springs and Interglas have authorized the transaction, subject to finalization of definitive agreement, approval by Interglas shareholders and the conclusion of financing arrangements.
 -0- 8/31/92
 /CONTACT: Robert E. Slough, Director of Public Relations, Springs Industries, Inc., 803-547-3738, (home) 803-366-6646/
 (SMI) CO: Springs industries, Inc.; Interglas A.G. ST: South Carolina IN: TEX SU: TNM


SB -- CH004 -- 4822 08/31/92 09:07 EDT
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Publication:PR Newswire
Date:Aug 31, 1992
Words:160
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