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BURLINGTON BOARD AUTHORIZES SHARE REPURCHASE FOR ESOP

 GREENSBORO, N.C., Nov. 3 /PRNewswire/ -- Burlington Industries Equity Inc. (NYSE: BUR) reported today that its Board of Directors has authorized it to repurchase shares of its common stock to fund contributions to the Company's Employee Stock Ownership Plan ("ESOP") which may be made with respect to the 1994 plan year.
 No decision has been made as to the timing or quantity of any repurchases of shares of the Company's common stock or whether all or a portion of any Company contribution to the ESOP in respect of the 1994 plan year will be funded with shares. If the Company determines that it will acquire shares for this purpose, the Company expects that it would repurchase shares in public or


private transactions from time to time, according to market conditions.
 As previously announced, contributions to the ESOP (which may be made in either cash or stock) will be linked directly to the Company's operating results as measured by earnings before interest, taxes, depreciation and amortization ("EBITDA") for the 1994 fiscal year. The Company has adopted a formula under which the amount of the contribution for the 1994 plan year would range from a minimum of 1 percent of EBITDA of $225 million to a maximum of 5 percent of EBITDA of $400 million or more.
 -0- 11/3/93
 /CONTACT: (Press) Tom Daly of Kekst & Co., 212-593-2655, or Bryant Haskins of Burlington, 919-379-2512/
 (BUR)


CO: Burlington Industries Equity Inc. ST: North Carolina IN: TEX SU:

SB -- CH004 -- 0334 11/03/93 17:09 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:254
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