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SHAW INDUSTRIES ANNOUNCES JOINT VENTURE AGREEMENT

    DALTON, Ga., Nov. 16 ~PRNewswire~ -- Today, Shaw Industries, In c. (NYSE: SHX) announced that it had entered into an agreement to form a joint venture with Capital Carpet Industries PTY Limited of Melbourne, Victoria, Australia, to participate in a government-sponsored rationalization of the Australian carpet industry.  The joint venture will hold the current assets of Capital Carpet Industries.  Also, the joint venture has signed letters of intent to acquire two other Australian carpet manufacturers.  No terms have been disclosed.  The transaction is subject to approval by the boards of directors of both companies, negotiation of additional agreements and the necessary government filings.
    Robert E. Shaw, president and chief executive officer of Shaw Industries, commented that participation by Shaw Industries in the rationalization of the Australian carpet industry is another step forward in the company's expansion into international markets.
    Shaw Industries, Inc., with corporate offices in Dalton, Ga., manufactures and sells carpeting to retailers and distributors throughout the United States and exports to several overseas markets.
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    CONTACT:  Robert E. Shaw of Shaw Industries, 706-278-3812
    (SHX) CO:  SHAW INDUSTRIES, INC. IN:  TEX SU:  JVN ST:  GA


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Publication:PR Newswire
Date:Nov 16, 1992
Words:193
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