PILLOWTEX CORPORATION ACQUIRES TENNESSEE WOOLEN MILLS, INC.
DALLAS, Sept. 9 /PRNewswire/ -- Pillowtex Corporation (NYSE: PTX) announced today that the company had completed the purchase of all the voting stock of Tennessee Woolen Mills for approximately $13,300,000. Tennessee Woolen Mills, located in Lebanon, Tenn., is a manufacturer of quality wool, cotton, and acrylic throws and blankets, with approximate annual sales of $25,000,000. Charles M. Hansen Jr., Pillowtex CEO and Chairman of the Board, commented that, "Tennessee Woolen Mills, with its long standing reputation for fine quality blankets and throws, is an excellent addition to the Pillowtex organization, and will represent a major enhancement to our product line offerings. This acquisition will further improve our ability to act as a single source supplier, allowing us to capitalize on the company's marketing and merchandising expertise." Pillowtex is the largest manufacturer of bed pillows, mattress pads and down comforters in North America, and designs, manufactures and markets a full line of related bedroom textile furnishings. The company operates a nationwide network of manufacturing and distribution facilities, servicing retailers throughout the United States, Canada, Mexico and overseas. -0- 9/9/93 /CONTACT: Jeff Cordes, vice president administration and planning of Pillowtex, 214-333-3225 ext. 344/ (PTX)
CO: Pillowtex Corporation; Tennessee Woolen Mills, Inc. ST: Texas, Tennessee IN: TEX SU: TNM
LG -- NY026 -- 0263 09/09/93 11:08 EDT
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|Date:||Sep 9, 1993|
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