BERKSHIRE HATHAWAY INC.
|FOR IMMEDIATE RELEASE||January 21, 2002|
Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) today announced that is has entered into an agreement whereby it acquired the remaining 12.7% of Shaw Industries, Inc. common shares not previously owned by Berkshire. These shares were formerly owned by a group consisting, among others, of Robert E. Shaw, Chief Executive Officer of Shaw, Julian D. Saul, President of Shaw, members of Mr. Shaw’s and Mr. Saul’s immediate families, and certain other members of Shaw management. Under terms of the agreement Berkshire acquired the Shaw common shares in exchange for 4,740 Class A Berkshire common shares (or their Class B equivalent).
In commenting on the recent transaction Mr. Robert E. Shaw and Mr. Julian D. Saul had this to say, "This transaction recognizes the true nature of the partnership that our company has with Berkshire Hathaway by placing all of us in the position of common ownership. We are very pleased to have Warren Buffett and Berkshire Hathaway as our business partner."
Shaw Industries, Inc. is the world’s largest manufacturer of tufted broadloom carpet. Headquartered in Dalton, Georgia, Shaw sells carpeting and rugs for residential and commercial applications throughout the United States and exports to most markets worldwide. Shaw markets its residential products under such brand names and trademarks as Cabin Crafts, Couture by Sutton, Cumberland, Expressive Designs, Home Foundations, Philadelphia, Queen, ShawMark, Sutton, TrustMark, Evans & Black, Salem, Tuftex, and Shaw Rugs. Shaw markets its commercial products under the names Shaw Contract, Designweave, Patcraft, and Queen Commercial. Through its network of commercial dealers known as Shaw Contract Flooring Services, Shaw also sells commercial flooring products directly and provides installation and project management services. Shaw also offers laminate flooring through the Decades brand and ceramic tile through Shaw Ceramics, and hardwood flooring through Shaw Hardwoods.
Berkshire Hathaway is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted on both a direct and reinsurance basis through a number of subsidiaries.
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