Mohawk Announces Successful Bid for Lees Carpet.

PR Newswire | July 30, 2003 | Copyright

Mohawk Industries, Inc. announced that W. L. Ross & Company and Mohawk were successful in their bid for substantially all of the assets of Burlington Industries, Inc. Mohawk's portion of the purchase price for the Lees Carpet division is estimated to be approximately $352 million subject to certain adjustments. The completion of the transaction is estimated to close in the fourth quarter and is subject to customary approvals. Assuming current commercial conditions persist, the acquisition is estimated to be slightly accretive in 2004 after amortization of intangible assets ...

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