INTERFACE COMPLETES ACQUISITION OF BENTLEY MILLS, INC.
LAGRANGE, Ga., June 23 /PRNewswire/ -- Interface, Inc. (NASDAQ: IFSIA), announced today the closing of its acquisition of Bentley Mills, Inc. In a series of purchases from Bentley shareholders, Interface acquired all of the remaining outstanding Bentley common and preferred shares, except for approximately 2.3 percent of Bentley class A common shares and 2.5 percent of Bentley junior preferred shares that are held by one shareholder and will be acquired shortly. The aggregate consideration for the transactions, including payment of Bentley's bank debt (and the acquisition of shares from the remaining shareholder), is approximately $81 million, of which $25 million consists of a new class of Interface convertible preferred stock. Bentley Mills, Inc., is a leading manufacturer and marketer of high quality, designer-oriented broadloom carpet used primarily for commercial and institutional applications, with sales in excess of $100 million per year. It maintains a significant share of this market niche by combining innovative design and short delivery time with a marketing strategy geared toward serving and working closely with interior designers. Bentley's principal products are broadloom carpet and carpet tiles for sale in the commercial and institutional markets. Interface, Inc., is committed to delivering superior value to its customers, as the world's largest manufacturer of modular carpet under the Interface and Heuga brands, and interior fabrics under the Guilford of Maine brand, for use in offices, healthcare facilities, airports, educational and other institutions, and retail facilities. The company also manufactures carpet tiles for residential use. In addition, the company engages in the manufacture and sale of chemicals used in various rubber and plastic products, and offers Intersept(R), the company's proprietary antimicrobial chemical, under a licensing program to manufacturers of other products. -0- 6/23/93 /CONTACT: Dan Hendrix, chief financial officer of Interface, 706-882-1891; or J. Desmond Towey of Towey & Associates, 212-888-7600, for Interface/ (IFSLA)
CO: Interface, Inc.; Bentley Mills, Inc. ST: Georgia IN: TEX SU: TNM
GK-OS -- NY049 -- 5032 06/23/93 13:10 EDT
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|Date:||Jun 23, 1993|
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