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SPRINGS INDUSTRIES SUBSIDIARY CLARK-SCHWEBEL FIBER GLASS TO ACQUIRE MINORITY OWNERSHIP POSITION IN INTERGLAS A.G. OF ULM, GERMANY

 FORT MILL, S.C., Jan. 13 /PRNewswire/ -- Springs Industries (NYSE: SMI) today announced that its Clark-Schwebel Fiber Glass subsidiary has agreed with Interglas A.G. of Ulm, Germany to acquire a minority ownership position in and a convertible note of Interglas in exchange for Clark-Schwebel's Belgian and United Kingdom subsidiaries and cash. The agreement is subject to confirmation at the annual meeting of Interglas in Ulm on Feb. 26, and satisfaction of certain closing conditions.
 Both Clark-Schwebel and Interglas are producers of fiber glass fabric for use in electronics, composites, and other markets.
 Clark-Schwebel, a leading producer of woven fiber glass and high performance fabrics, said the transaction will not affect its U.S. operations. Clark-Schwebel operates manufacturing plants in Statesville, N.C.; Anderson, S.C.; and Cleveland and Washington, Ga.
 -0- 1/13/93
 /CONTACT: Robert E. Slough, Director of Public Relations, Springs Industries, Inc., 803-547-3738, or (home) 803-366-6646/
 (SMI)


CO: Springs Industries, Inc.; Clark-Schwebel Fiber Glass; Interglas
 A.G. ST: South Carolina, North Carolina, Georgia IN: TEX SU:


CM-MM -- CH002 -- 4407 01/13/93 10:42 EST
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Publication:PR Newswire
Date:Jan 13, 1993
Words:179
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