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FIELDCREST CANNON RESPONDS TO DISCLOSURES BY AMOSKEAG COMPANY AND DUMAINES TRUSTEES

 KANNAPOLIS, N.C., Jan. 28 /PRNewswire/ -- Fieldcrest Cannon, Inc. (NYSE: FLD) today responded to recent disclosures by Amoskeag Company and the Dumaines Trustees that they are evaluating whether to maintain or sell their investment in Fieldcrest Cannon.
 Amoskeag owns approximately 30 percent of the equity of Fieldcrest Cannon and controls approximately 81 percent of the voting power of Fieldcrest Cannon stock. The Dumaines Trusts own approximately 66.4 percent of the voting power of the equity of Amoskeag. In their Schedule 13D filings, Amoskeag and the Dumaines Trustees stated that "Dumaines first acquired Amoskeag Company shares in 1920 and has been in control of Amoskeag Company for a number of years. Dumaines has now undertaken to review its present investment in Amoskeag and in Amoskeag's investments with a view to a possible reduction or liquidation thereof."
 James M. Fitzgibbons, chairman and chief executive officer of Fieldcrest Cannon, stated: "Our relationship with Amoskeag, which has spanned many years, has been a very satisfactory one, and we would like for it to continue. However, if Amoskeag and the Dumaines Trusts should choose to sell their investment in Fieldcrest Cannon, we would expect to continue a positive and profitable relationship with the new purchaser. Fieldcrest Cannon has significantly improved its financial performance in the past two years and has in place strategies designed to sustain this growth. Accordingly, we anticipate there would be no significant changes in Fieldcrest Cannon's operations as a result of any sale by Amoskeag and the Dumaines Trusts of their investment."
 Fieldcrest Cannon, Inc. manufactures and markets bed and bath products under the Fieldcrest, St. Marys, Cannon Royal Family, Cannon Monticello, and private brand labels. Carpet and Rug Division products include high quality woven and tufted carpets and rugs marketed under the Karastan and Bigelow brands.
 Amoskeag Company, through a wholly owned subsidiary, manages textile, transportation and other businesses.
 -0- 1/28/93
 /CONTACT: K. W. Fraser Jr., chief financial officer, 919-627-3253, or O. L. Raines Jr., vice president of Human Resources, 919-627-3042, both of Fieldcrest Cannon, Inc./
 (FLD)


CO: Fieldcrest Cannon, Inc.; Amoskeag Company ST: North Carolina IN: TEX SU:

WB-OS -- NY042 -- 0215 01/28/93 11:40 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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