Burlington buyer announces new management, deals for Nano-Tex

Oct. 22, 2003 – The investment firm set to acquire Burlington Industries when it emerges from bankruptcy reorganization next month announced management changes and deals for Nano-Tex LLC.

Wilbur Ross of W.L. Ross & Co. LLC will be chairman, and Joseph Gorga, Burlington’s executive vice president of North American Operations, will be president and chief executive. They replace George Henderson III, chairman and CEO, who is leaving the company.

Ross, who has agreed to buy Burlington for $620 million, said that Nano-Tex’s Nano-Care stain resistance technology has been accepted nationally for pants and shirts by Gap and Old Navy Stores, as well as Brooks Brothers. Nike Inc. also is using Nano-Dry sweat repellant for Tiger Woods golf pants. Burlington is Nano-Tex’s majority owner.

W.L. Ross also announced Burlington’s creditors have approved Ross’ court-approved buyout plan.

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