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Burlington39 S Monticello Plant Sold To Yanoor Corp

GREENSBORO, N.C., Feb. 16 /PRNewswire/ -- Burlington Industries, Inc. (NYSE: BUR) announced today that it has sold its tufted bath and area rug business located in Monticello, Arkansas to the Yanoor Corporation, a holding company owned by Saeid Korhani. The business will operate under the name Burlington Rug Corporation. Ralph Grogan, President of Burlington House Floor Accents said, "We are very pleased that this facility will continue as an ongoing operation serving both the marketplace and providing employment for our associates. Burlington has a long history in Monticello. Both the employees and the community have always shown great support and dedication. We wish Yanoor and all its associates much success in their new company." Commenting on the sale, Roger Miller, President of Burlington Rug Corporation said, "We are very pleased to have concluded this purchase. We intend to quickly diversify the product line and move the company forward." Burlington announced in October 2000 that it would exit the tufted area rug portion of its Burlington House Floor Accents business. 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, the success of the company's overall business strategy, the company's relationships with its principal customers and suppliers, the success of the company's operations in other countries, the demand for textile products, the cost and availability of raw materials and labor, the company's ability to refinance and service its existing debt and to finance its capital expenditures and working capital needs, the level of the company's indebtedness 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 of the changes in U.S. apparel trade as a result of recently-enacted Caribbean Basin and Sub-Saharan African trade legislation. Other risks and uncertainties may also be described from time to time in the company's other reports and filings with the Securities and Exchange Commission.SOURCE Burlington Industries, Inc.Web Site: http://www.burlington-ind.comCopyright 2001 PR News wire




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