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MOHAWK INDUSTRIES COMPLETES ACQUISITION OF HORIZON INDUSTRIES

 MOHAWK INDUSTRIES COMPLETES ACQUISITION OF HORIZON INDUSTRIES
 ATLANTA, Oct. 23 /PRNewswire/ -- Mohawk Industries, Inc. (NASDAQ-NMS: MOHK) today announced the consummation of its acquisition of Horizon Industries, Inc. (NASDAQ-NMS: HRZN).
 Under the terms of the acquisition agreement, former shareholders of Horizon are now entitled to the right to receive $11.095 in cash and .309 shares of common stock of Mohawk valued, for purposes of the transaction, at $12.6374 per share. Based on the 5,767,305 shares of Horizon common stock outstanding as of the date of the acquisition, the transaction is valued at $86.5 million.
 Commenting on the acquisition, David L. Kolb, chairman and chief executive officer of Mohawk, stated: "We are extremely pleased to have completed the acquisition of Horizon on our original time schedule. The businesses of Mohawk and Horizon are complementary to each other and we expect to begin to realize some of the potential benefits of this combination in the very near future."
 Mohawk, headquartered in Atlanta, is a leading producer of both woven and tufted broadloom carpeting for residential and commercial applications. The company markets over 180 styles of carpets, positioned in the medium- to high-price range, under its two premier brand names, "Mohawk" and "Alexander Smith." For its year ended Dec. 31, 1991, and the nine months ended Sept. 27, Mohawk had net sales of $278.9 million and $219.8 million respectively. For the nine-month period, Mohawk's net earnings from continuing operations and before a one-time extraordinary charge were $4,308,000. Horizon, headquartered in Calhoun, Ga., manufactures a broad range of residential and commercial carpet which is marketed worldwide. For its year ended Sept. 28, 1991, and the nine months ended June 27, Horizon reported net sales of $278.4 million and $232.1 million, respectively. Now that the acquisition is completed, Mohawk becomes one of the three largest producers of carpet in the United States and in the world.
 -0- 10/23/92 R
 /CONTACT: John D. Swift, vice president-Finance of Mohawk Industries, 404-951-6000/
 (MOHK HRZN) CO: Mohawk Industries, Inc.; Horizon Industries, Inc. ST: Georgia IN: TEX SU: TNM


EA -- AT004 -- 4397 10/23/92 18:10 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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