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PILLOWTEX CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE TORFEACO INDUSTRIES LIMITED

 DALLAS, Nov. 5 /PRNewswire/ -- Pillowtex Corporation (NYSE: PTX) announced today that the company has entered into a definitive agreement to acquire the stock of Torfeaco Industries Limited, located in Toronto, Canada, for approximately $4.5 million in U.S. dollars. Torfeaco (formerly The Toronto Feather and Down Company) is a 99-year-old producer of fashion and basic bedding products with 1992 annual sales of $20.5 million in U.S. dollars.
 Torfeaco is a highly respected producer of synthetic bed pillows, mattress pads, polyester comforters, bedspreads and window treatments. "Canada is a major growth market for Pillowtex and Torfeaco has established itself as a significant supplier of fashion and basic bedding to the major Canadian retailers," commented Charles M. Hansen Jr., Pillowtex CEO and chairman of the board. "We are particularly excited about the combination of Torfeaco's fashion expertise with Pillowtex's production, distribution and financial capabilities. In addition, producing our products in Canada will allow us to improve our service to retailers and reduce our freight and duty costs."
 Harold R. Hafner, CEO of Torfeaco, in seconding Hansen's comments, expressed confidence that "the transaction will be a major step forward for both companies."
 The acquisition of Torfeaco is subject to several conditions to closing. The purchase is expected to be consummated on or before Dec. 1, 1993.
 Pillowtex is the largest manufacturer of bed pillows, mattress pads and down comforters in the world, 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 all major retailers in the United States, Canada, Mexico and other retailers overseas.
 -0- 11/5/9
 /CONTACT: Jeff Cordes, vice president, administration and planning, of Pillowtex Corporation, 214-333-3225, ext. 344/
 (PTX)


CO: Pillowtex Corporation; Torfeaco Industries Limited ST: Texas IN: TEX SU: TNM

TW -- NY008 -- 1087 11/05/93 08:31 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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