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SHAW INDUSTRIES COMPLETES ACQUISITION OF SALEM CARPET MILLS

 SHAW INDUSTRIES COMPLETES ACQUISITION OF SALEM CARPET MILLS
 DALTON, Ga., May 29 /PRNewswire/ -- Shaw Industries, Inc. (NYSE: SHX), today announced that it has completed the acquisition of Salem Carpet Mills, Inc., in accordance with the terms of the merger agreement previously announced on Feb. 10, 1992.
 Pursuant to the merger, former Salem shareholders who did not elect to receive cash in the merger will receive .363 of a share of Shaw common stock for each share of Salem common stock owned immediately prior to the merger. Holders of approximately 3 percent of the 8,168,951 shares of Salem common stock outstanding prior to the merger elected to receive cash in the merger and will receive $7.98 per share of Salem common stock.
 Shaw Industries, Inc., with corporate offices in Dalton, manufactures and sells carpeting to retailers and distributors throughout the United States and exports to several overseas markets.
 -0- 5/29/92
 /CONTACT: Robert E. Shaw of Shaw Industries, 404-278-3812/
 (SHX) CO: Shaw Industries, Inc.; Salem Carpet Mills, Inc. ST: Georgia IN: TEX SU: TNM


GK-TS -- NY027 -- 5144 05/29/92 11:12 EDT
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Publication:PR Newswire
Date:May 29, 1992
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