Interface announces third quarter restructuring charge

ATLANTA-- Interface Inc. has announced that it will record a pre-tax restructuring charge in the third quarter of 2001 of approximately $60 million ($0.80 per diluted share after tax) primarily attributable to the rationalization of worldwide broadloom and U.S. access flooring businesses.

The restructuring charge is comprised of approximately $21 million of cash expenditures for severance benefits and relocation costs and approximately $39 million of non-cash charges, primarily for the write-down of the carrying value and disposal of certain impaired assets, including goodwill.