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Newly Private Springs Coteminas Form Alliance

Newly Private Springs,Coteminas Form AllianceSprings Industries Inc., Fort Mill, S.C., has entered into a long-term, strategic alliance with Brazil-based Coteminas for bed and bath products.Coteminas will support Springs sales and marketing of home furnishings products in North America with its manufacturing resources.Crandall C. Bowles, Springs chairman and CEO, commented on the alliance: Supplementing Springs manufacturing capabilities with Coteminas world-class textile facilities will allow us to offer a broader array of products on a competitive basis. Springs relationships in the marketplace, well-known brands and distribution capabilities will ensure that our alliance with Coteminas provides more opportunities for all of our customers.In other news, Springs announced the completion of its going-private proposal. As a result of a recapitalization merger between the Close family and an affiliate of Heartland Industrial Partners LP, each outstanding share of Springs common stock held by public shareholders has been converted into the right to receive $46.00 in cash.October 2001