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SHAW INDUSTRIES ANNOUNCES AGREEMENT TO FORM JOINT VENTURE WITH CAPITAL CARPET INDUSTRIES

 DALTON, Ga., July 13 /PRNewswire/ -- Today Shaw Industries, Inc. (NYSE: SHX) announced that it had entered into an agreement to form a joint venture with Capital Carpet Industries Pty., Ltd. (CCI), of Melbourne, Victoria, Australia, to participate in a government-supported rationalization of the Australian carpet industry. The joint venture holds the current assets of Capital Carpet Industries. Also, the joint venture has acquired one other Australian carpet manufacturer, Invicta Group Industries Pty., Ltd., of Braybrook, Victoria. No terms were disclosed.
 Robert E. Shaw, president and chief executive officer of Shaw Industries, commented, "Following our announcement that negotiations had been broken off, all parties concerned, at the urging of CCI, made one final effort to reach agreement. We were very much encouraged and pleased to see that these efforts brought matters to a satisfactory conclusion. Participation by Shaw Industries in the Australian carpet industry is another step forward in the company's expansion into international markets."
 Shaw Industries, Inc., with corporate offices in Dalton, manufactures and sells carpeting to retailers and distributors throughout the United States and the United Kingdom and exports to several overseas markets.
 -0- 7/13/93
 /CONTACT: Robert E. Shaw of Shaw Industries, 706-278-3812/
 (SHX)


CO: Shaw Industries, Inc. ST: Georgia IN: TEX SU: JVN

CK-MP -- NY028 -- 0809 07/13/93 10:17 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
Words:216
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