With the completion Friday of the sale of its bedding and window consumer products businesses and approval by the Court last week to sell its residential upholstery fabrics business, Burlington has established the future structure and the strategic direction for the company.
"Only seven months into our reorganization and thanks to the hard work and efforts of many people, we have accomplished the strategic objectives of the company's reorganization as outlined in November," said George W. Henderson, III, Chairman and Chief Executive Officer. "We are moving aggressively to implement these actions and move forward as a stronger, more competitive company. Our actions remain focused on creating a solid base on which to grow our company and position us to effectively provide products that bring distinction and value to the market."
The company's new structure, which is centered on elevating the company's ability to bring innovation and distinctive products to the market, includes the following businesses:
Lees Carpets - Lees continues to be a market leader in commercial floorcovering with a reputation for innovation and performance.
Burlington House - Going forward the Burlington House division will focus on fabrics for mattress coverings, bedding and window consumer products and high-performance commercial interior fabrics.
Burlington WorldWide - Burlington WorldWide is the Hong Kong based, global marketing and product development organization to develop, source and distribute technology based fabrics worldwide.
Burlington Apparel Fabrics - Burlington Apparel Fabrics is a leader in synthetics, wool and differentiated denim with plants in the United States and Mexico.
Nano-Tex, LLC - Through our investment in and partnership with Nano-Tex, LLC, the company is providing technology, advanced performance and distinctive innovation across the diverse range of Burlington products.
Henderson concluded, "We are pleased with the progress of our reorganization and our early results are very encouraging. Our plan is forward-looking and we are committed to transforming the company to be a leading global competitor. With the structure in place, our focus will be on implementing the necessary changes and moving forward as a new company."
Burlington Industries, Inc. (BULLETIN BOARD: BRLG) is one of the world's largest and most diversified manufacturer and marketer of softgoods for apparel and interior furnishings. Burlington Industries filed voluntary petitions for Chapter 11 under the U.S. Bankruptcy Code on November 15, 2001.
This press release contains statements that are forward-looking statements within the meaning of applicable federal securities laws and are based upon the company's current expectations and assumptions, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, among other things, global economic activity and the implications thereon of the attack on September 11 and the U.S. government's response thereto, the success of the company's overall business strategy including successful implementation of the company's restructuring plan, the confirmation of the restructuring plan, the terms and conditions of the DIP financing, the impact that public disclosure of the company's Chapter 11 filing may have on the company's relationships with its principal customers and suppliers, the success of the company's expansion in other countries, the demand for textile products, the cost and availability of raw materials and labor, the company's ability to finance its operations and restructuring activities, the level of the company's indebtedness and ability to borrow, and the exposure to interest rate fluctuations, governmental legislation and regulatory changes, and the long-term implications of regional trade blocs and the effect of quota phase- out and lowering of tariffs under the WTO trade regime and other factors identified in the company's filings with the Securities and Exchange Commission.
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