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Collins & Aikman in Auto Fabrics JV with Courtaulds Textiles

24 November 1997

Collins & Aikman Enters Automotive Fabrics Joint Venture With Courtaulds Textiles To Manufacture Auto Fabrics For European Customers

    CHARLOTTE, N.C., Nov. 24 -- Collins & Aikman Corporation
, announced today that it has entered into a joint venture
agreement with Courtaulds Textiles, a publicly-owned, international textiles
and clothing manufacturer headquartered in London, to manufacture automotive
interior fabrics for European customers.
    Under the joint venture the parties will form a new company called Collins
& Aikman Automotive Fabrics Limited, and will operate out of Courtaulds
Textiles' Carlisle and Manchester automotive fabrics locations in the United
Kingdom.  The agreement provides that C&A and Courtaulds Textiles will each
own 50 percent of the new joint venture company.  The transaction is expected
to close within two weeks.
    "This joint venture offers us a springboard for growth in Europe," said
John Moose, President of C&A Automotive Fabrics.  "We have been looking for
opportunities to expand our automotive fabrics operations in Europe, and with
Courtaulds Textiles' operations, we can offer our European customers exactly
what they want - especially from a design and service standpoint."
    "Courtaulds Textiles' design, engineering and manufacturing capabilities
are a solid match for our strategic automotive growth objectives and their
established automotive fabrics customer base offers us a foundation on which
to build our joint venture company," said Thomas E. Hannah, Chief Executive
Officer of Collins & Aikman.  "With the creation of this joint venture
company, we can now better service our existing European customers with the
same high quality automotive fabrics products they've come to expect from
Collins & Aikman."
    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
have significantly expanded Collins & Aikman's product offering and
international presence.  The Company employs more than 13,000 employees and
operates 58 manufacturing facilities in 9 countries.

SOURCE  Collins & Aikman Corporation