Standard & Poor's Announces Improved Outlook On Collins & Aikman
20 September 2000
Standard & Poor's Announces Improved Outlook On Collins & Aikman
TROY, Mich.--Sept. 20, 2000--Collins & Aikman today announced that Standard & Poor's Corporation (S&P) has affirmed the Company's corporate credit rating and revised its outlook on the Company to stable from negative.According to Standard & Poor's, "A relatively favorable business outlook, strong market positions, and improving operating performance should enable Collins & Aikman to maintain its credit quality."
Commenting on the report, Thomas E. Evans, Chairman and CEO of Collins & Aikman stated, "We are extremely pleased that Standard & Poor's has revised upward its outlook on our Company, which is reflective of our continued efforts to restructure and strengthen our operations.
"As an industry leader in an highly competitive environment, we recognize the importance of continually improving our operating and financial performance," Evans said. "With our realigned organization, combined with a leaner variable cost structure and industry-leading products and technologies, I'm confident that we should continue achieving further strong financial performance which, hopefully, will result in further rating improvements."
Collins & Aikman Corporation , is the global leader of floor and acoustic systems and a leading supplier of automotive fabric, interior trim, and convertible top systems. The Company's operations span the globe with 63 facilities and nearly 16,000 employees in 12 countries 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. For more information about Collins & Aikman, visit the Company's web site 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, changes in the popularity of particular car models or particular interior trim packages, the loss of programs on particular car models, 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, 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 period ended July 1, 2000.