Collins & Aikman Signs Definitive Agreement to Sell Akro Mats, L.L.C.

    TROY, Mich.--June 4, 2001--Collins & Aikman announced today that it has signed a definitive agreement to sell its wholly owned subsidiary, Akro Mats, L.L.C. to Superior Manufacturing Group, Inc., manufacturers of NoTrax(R) Floor Matting. Akro Mats, which had sales of approximately $20 million in fiscal 2000, is Collins & Aikman's non-automotive retail and commercial floor mat business. Terms of the transaction, which is scheduled to close in the second quarter, were not disclosed.
    Commenting on the transaction, Mike Geaghan, Vice President Accessory Floor Mats and Acoustics for Collins & Aikman, stated, "We are very pleased that the Akro tradition of excellence will be continued under the ownership of Superior, and we believe this transaction is in the best interests of all the parties. For Collins & Aikman, divestiture of this non-automotive business is consistent with our automotive focus, and we believe that Akro's long-term growth prospects will be enhanced by combining with Superior, an organization that is dedicated to the commercial floor matting market."
    Vincent DePhillips, President of Superior stated, "Like Akro, Superior Manufacturing Group is a company with a tradition for excellence in its product offerings, commitment to quality and attention to personalized customer service. We are confident that with the addition of Akro Mats to the Notrax(R) line, Superior will offer our world-wide customer base the broadest range of the very highest quality matting available for nearly all of their commercial and industrial floor matting needs."