Collins & Aikman Solicits Consents From Holders of 11 1/2% Senior Subordinated Notes

    TROY, Mich.--Jan. 26, 2001--Collins & Aikman Corporation today announced that its wholly-owned subsidiary, Collins & Aikman Products Co. ("C&A Products"), is soliciting consents from registered holders as of January 26, 2001, of its 11 1/2% Senior Subordinated Notes due 2006. The consent solicitation will expire at 5:00 p.m. New York City time on February 8, 2001, unless extended by C&A Products.
    The principal purpose of this solicitation is to obtain the consent of the holders to certain waivers of and amendments to the definition of change in control in the indenture and related changes to reflect Heartland Industrial Partners LP's ("Heartland") controlling interest in C&A Products following the consummation of the previously announced transaction among Heartland and C&A Products' parent, Collins & Aikman Corporation, and its controlling shareholders, Blackstone Capital Partners, L.P. and Wasserstein Perella Partners L.P.
    If C&A Products receives the requisite consents on or prior to February 8, 2001, and the other conditions in the consent solicitation statement are satisfied or waived, C&A Products will promptly thereafter make a cash payment to each holder whose consent is received on or prior to the expiration time on that date in an amount equal to 1.0 percent of the principal amount of such holder's notes.
    The detailed terms and conditions of the consent solicitation are contained in the consent solicitation statement, which will be distributed to holders of the notes. Holders can obtain copies of this statement and related material from the information agent for the consent solicitation, MacKenzie Partners, Inc. at (800) 322-2885 (toll free) or (212) 929-5500 (collect).
    This announcement is not a solicitation of consents with respect to any securities. The consent solicitation will be made solely by the consent solicitation statement dated January 26, 2001.

    Collins & Aikman Products Co. has retained Credit Suisse First Boston Corporation and JP Morgan, a division of Chase Securities Inc., to act as co-solicitation agents in connection with the consent solicitation. Questions regarding the consent solicitation may be directed to Credit Suisse First Boston at (800) 820-1653 (toll free) or (212) 538-8474 (collect) or JP Morgan at (800) 245-8812 (toll free) or (212) 270-1100 (collect).
    Collins & Aikman Corporation, with annual sales approaching $2 billion, is the global leader in automotive floor and acoustic systems and is a leading supplier of automotive fabric, interior trim and convertible top systems. The Company's operations span the globe through 63 facilities, 13 countries and over 15,000 employees who are committed to achieving total excellence. Collins & Aikman's high-quality products combine industry-leading design and styling capabilities, superior manufacturing capabilities and the industry's most effective NVH "quiet" technologies. Information about Collins & Aikman is available on the Internet at www.collinsaikman.com.
    Heartland Industrial Partners, LP is a private equity firm established to "invest in, build and grow" industrial companies in sectors ripe for consolidation and long-term growth. The firm has equity commitments in excess of $1.1 billion and intends to increase its commitments to $2 billion. Heartland was founded by David A. Stockman, a former partner of the Blackstone Group and a Reagan administrative cabinet officer; Timothy D. Leuliette, the former President and Chief Operating Officer of Penske Corporation; and Daniel P. Tredwell, a former Managing Director of Chase Securities.

    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Collins & Aikman operates, fluctuations in the production of vehicles for which the Company is a supplier, labor disputes involving the Company or its significant customers, changes in consumer preferences, dependence on significant automotive customers, the level of competition in the automotive supply industry, pricing pressure from automotive customers, the substantial leverage of the Company and its subsidiaries, limitations imposed by the Company's debt facilities, charges made in connection with the integration of operations acquired by the Company, the implementation of the reorganization plan, changes in the popularity of particular car models or particular interior trim packages, the loss of programs on particular car models, risks associated with conducting business in foreign countries and other risks detailed from time to time in the Company's Securities and Exchange Commission filings including without limitation, in Items 1 and 7 of the Company's Annual Report on Form 10-K for the year-ended December 25, 1999, and Item 1 in the Company's Quarterly Report on Form 10-Q for the periods ended April 1, 2000, July 1, 2000 and September 30, 2000.