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Article: Buffett in Burlington bid.(Warren Buffett and his Berkshire Hathaway investment vehicle makes bid for Burlington Industries Inc.)(Brief Article)
- Article from:
- Home Textiles Today
- Article date:
- February 17, 2003
- Author:
CopyrightCOPYRIGHT 2003 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREENSBORO, NC -- Still actively building a portfolio in home goods suppliers and retailers, Warren Buffett and his Berkshire Hathaway investment vehicle have made a bid for bankrupt textiles producer Burlington Industries Inc.
After selling the Burlington House home fashions division, the mill remains active in upholstery and mattress ticking, in addition to its larger denim and apparel businesses.
Preparing to exit Chapter 11, Burlington filed a plan of reorganization last week saying it had accepted the offer from Omaha, NE-based Berkshire Hathaway, which agreed to acquire all of the company's equity for about $579 million in cash, which will be used ...