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Collins & Aikman Completes Sale Of Mastercraft Group To Joan Fabrics Corporation

16 July 1997

Collins & Aikman Completes Sale Of Mastercraft Group To Joan Fabrics Corporation

          Transaction Strengthens Company's Automotive Interiors Focus

    CHARLOTTE, N.C., July 16 -- Collins & Aikman Corporation
announced today that it has completed the previously announced
sale of the Mastercraft Group to Joan Fabrics Corporation for a purchase price
of approximately $310 million, subject to adjustment.
    Mastercraft is a leading manufacturer of flat-woven upholstery fabrics.
Collins & Aikman expects net proceeds from the sale after taxes to be
approximately $280 million, which will be used to reduce the company's long-
term debt.
    "The sale of the Mastercraft Group is an important step toward two of
Collins & Aikman's goals -- increasing financial flexibility by reducing our
long-term debt and aggressively pursuing our core automotive interior systems
business," said Thomas E. Hannah, Chief Executive Officer of Collins & Aikman.
    The Mastercraft Group, which includes Collins & Aikman's Mastercraft, Yarn
and Ack-Ti divisions, had total revenues of approximately $264 million for the
11 months ended December 28, 1996.
    Collins & Aikman Corporation is a global supplier of automotive interior
systems, including textile and plastic trim, acoustics and convertible top
systems.  Headquartered in Charlotte, NC, the company's recent acquisitions of
JPS Automotive and Perstorp Components significantly expanded Collins &
Aikman's product offering and international presence to include additional
operations in the U.S., Mexico, Spain, Canada, Sweden, Belgium, France and the
U.K.  The company employs more than 13,000 employees and operates 56
manufacturing facilities in 8 countries.
    Joan Fabrics Corporation is a privately owned company, founded in 1932,
currently operating manufacturing facilities in Massachusetts and North
Carolina.  Joan has a major position in multiple markets including automobile
interiors, contract systems, home furnishings and export.  With the addition
of Mastercraft, Joan's combined sales volume will exceed $500 million.

SOURCE  Collins & Aikman Corporation