JPS Automotive Inc. and JPS Automotive Products Corp. Announce Redemption of All Outstanding 11-1/8% Senior Notes Due June 15, 2001

    TROY, Mich.--Feb. 26, 2001--Collins & Aikman Corporation today announced that its wholly-owned subsidiaries, JPS Automotive Inc. and JPS Automotive Products Corp. (collectively, "JPS Automotive") are redeeming all of JPS Automotive's outstanding 11-1/8% Senior Notes due June 15, 2001 (the "Notes"). The Notes will be redeemed in full on March 28, 2001 at a redemption price equal to the principal amount of the Notes plus the Applicable Premium (as defined in the indenture (the "Indenture") that governs the Notes), together with interest accrued to the redemption date in the amount of $31.829861 per $1,000 principal amount of Notes. The Applicable Premium will be determined prior to the redemption date based on the Treasury Rate (as defined in the Indenture) that, pursuant to the terms of the Indenture, will be applicable as of the redemption date.
    State Street Bank and Trust Company (the "Paying Agent") will act as Paying Agent for the purpose of receiving Notes tendered for redemption. The addresses of the Paying Agent for such purpose are as follows:

                  State Street Bank and Trust Company
                         2 Avenue de Lafayette
                   Corporate Trust Window, 5th Floor
                      Boston, Massachusetts 02111

                                  or

               State Street Bank and Trust Company, N.A.
                         Corporate Trust Dept.
                        61 Broadway, 15th Floor
                       New York, New York 10006

    Questions regarding the redemption may be addressed to State Street Bank and Trust Company at (800) 531-0368.

    Collins & Aikman, 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 72 facilities, 13 countries and approximately 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.

    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.