Mohawk Industries Inc. announces proposal to acquire Lees Carpet

Mohawk Industries Inc. announced it has entered an agreement with W. L. Ross & Co. to acquire the assets and assume certain liabilities of the carpet division of Burlington Industries Inc. (Lees Carpet).

Ross has entered a binding bid to Burlington to purchase certain assets and assume certain liabilities of Burlington in connection with its emergence from bankruptcy. The bid includes a provision for Lees Carpet to be sold to Mohawk by Ross if it is successful in the auction process. The auction is scheduled to be held on July 28, 2003, and a bankruptcy court hearing to approve the auction is scheduled on July 31.