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BURLINGTON INDUSTRIES ANNOUNCES RESTRUCTURING OF KNITTED FABRICS DIVISION

 GREENSBORO, N.C., Sept. 16 /PRNewswire/ -- Burlington Industries Equity Inc. (NYSE: BUR) announced today a restructuring plan in its Knitted Fabrics division designed to assure competitiveness through improved operating performance and the elimination of excess capacity.
 The restructuring plan will consist of a consolidation of manufacturing capacity by closing the Statesville, N.C. knitting and finishing plant, and improvement in operating performance gained through cost reductions and a modest investment in more modern equipment in the division's Mt. Holly, N.C. yarn spinning plant. The restructured division will operate at significantly reduced cost levels while maintaining sufficient manufacturing capacity to meet current and future customer needs.
 The costs of the restructuring program (estimated to be $10.0 million) will be recorded in the company's fourth fiscal quarter (ending Oct. 3, 1993). Savings from the reduction of capacity and costs will begin to be fully realized in the latter part of the company's 1994 fiscal year.
 Commenting on the restructuring, Burlington Executive Vice President Gary Welchman said, "These moves are designed to enable our Knitted Fabrics division to continue serving our customers with value-added specialty products, while operating competitively and profitably. The smaller, reconfigured asset base should provide us greater flexibility in responding to our customers' needs."
 Burlington Knitted Fabrics produces 100 percent cotton and cotton/polyester blend knitted fabrics supplied to manufacturers and retailers of men's, women's and children's sportswear and activewear, and of occupational apparel. Following the restructuring, its operations will be conducted at plants in Wake Forest, Denton, Cramerton and Mount Holly, N.C., and its divisional offices in New York City and Greensboro, N.C.
 -0- 9/16/93
 /CONTACT: Bryant Haskins of Burlington Industries, 919-379-2512/
 (BUR)


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

SB -- CH004 -- 2828 09/16/93 16:40 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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