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Collins & Aikman Announces Acquisition of Comet

4 December 2000

Collins & Aikman Announces Acquisition of Comet

    TROY, Mich.--Dec. 4, 2000--Collins & Aikman Corporation today announced the acquisition of Comet, a leading acoustic software developer specializing in computer-aided engineering (CAE) solutions for reducing low-frequency noise in the automotive and other industries.
    Although terms of the agreement were not disclosed, the acquisition of Comet will be accounted for as a purchase and is anticipated to be neither accretive nor dilutive to earnings. The acquisition of Comet and its highly regarded acoustic experts further enhances Collins & Aikman's capabilities to provide "bumper-to-bumper" acoustic solutions to the automotive industry.
    Commenting on the Company's acquisition, Collins & Aikman's Chairman and Chief Executive Officer, Thomas E. Evans, stated, "We're extremely excited about the acquisition of Comet, which we view as an important expansion of the acoustic technology and knowledge base of Collins & Aikman. In addition to our already strong acoustic talent base, the acquisition of Comet adds Dr. Ravi Raveendra, a world-renowned expert in the field of acoustics, and importantly, it further enhances our already strong NVH/acoustic capabilities."
    In terms of the synergies that Comet and Collins & Aikman expect to achieve, Graham Tompson, Senior Vice President of Collins & Aikman's Global Product Development Division stated, "By integrating Comet's capabilities with our world-class acoustic testing facility in Plymouth, Michigan, we expect to dramatically speed up the validation process for Comet's theoretically modeled acoustic solutions. Equally important, the addition of Dr. Raveendra and his acoustic staff enhances our ability to develop customized acoustic solutions for our global customers. In summary, this acquisition is an excellent fit for Collins & Aikman, as it further enables us to be the foremost fully-integrated supplier of innovative, value-added acoustic solutions in the automotive industry."