The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Moody Confirms Collins & Aikman's Corporate Credit Rating

18 December 2000

Moody Confirms Collins & Aikman's Corporate Credit Rating

    TROY, Mich.--Dec. 18, 2000--Collins & Aikman today announced that Moody's has confirmed the Company's corporate credit rating and will maintain its outlook on the Company.
    According to Moody's, "Tom Evans, who joined the Company as Chief Executive Officer in April 1999 from Tenneco, has brought significant automotive industry expertise to Collins & Aikman. His leadership has strategically focused Collins & Aikman as a Tier I/Tier II interior automotive supplier with systems integrator capabilities; attracted an almost entirely new management team of seasoned automotive executives; and guided the company through a major restructuring program. . ."
    Commenting on the report, Thomas E. Evans, Chairman and CEO of Collins & Aikman stated, "As an industry leader in a highly competitive environment, we recognize the importance of continually improving our operating and financial performance. As we look to the new year, I'm confident that Collins & Aikman will be an even stronger contender in this highly competitive industry. Over the past year, we've reduced our net debt by approximately $90 million and we remain committed to further reducing our financial leverage and lowering our cost structure while simultaneously providing our customers with industry-leading products."
    Collins & Aikman Corporation , is the global leader in automotive 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 more than 15,000 employees in 13 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.