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FIELDCREST CANNON COMPLETES SALE OF CARPET DIVISION

 EDEN, N.C., Aug. 2 /PRNewswire/ -- Fieldcrest Cannon, Inc. announced today that the previously disclosed sale of the Carpet and Rug Division to Mohawk Industries, Inc. (NASDAQ-NMS: MOHK) has been completed. The purchase price of $140 million was received in cash and is subject to adjustment for the increase in the division's net assets from March 31, 1993 to July 31, 1993.
 The sale will result in an after-tax gain in excess of $10 million. The cash proceeds will initially be used to repay borrowings under the company's Revolving Credit Agreement. The amount of the Revolving Credit facility will remain at $235 million which will permit funding of projects approved by the company's board of directors.
 Fieldcrest Cannon, Inc. manufactures and markets bed and bath products under the Fieldcrest, St. Marys, Cannon Royal Family, Cannon Monticello, and private brand labels.
 Fieldcrest Cannon, Inc. common stock is traded on the New York Stock Exchange under the symbol "FLD".
 -0- 8/2/93
 /CONTACT: K. W. Fraser Jr., chief financial officer, 919-627-3253, or T. R. Staab, vice president - finance, 919-627-3117, both of Fieldcrest Cannon, Inc./
 (FLD MOHK)


CO: Fieldcrest Cannon, Inc.; Mohawk Industries, Inc. ST: North Carolina IN: TEX SU:

LG-OS -- NY027 -- 8232 08/02/93 09:34 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
Words:207
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