Collins & Aikman moving ahead with purchase of TAC-Trim

TROY, Mich. (Dec. 4)—Collins & Aikman Corp. said it is proceeding with its purchase of Textron Inc.'s automotive trim business under revised terms which reflect "changed economic circumstances." Collins & Aikman will pay $1.28 billion, in cash, stock and assumed debt, for the producer of fully integrated cockpits, instrument panels, interior trim and exterior components, some of which are polyurethane foam-based. That figure is down from the $1.34 billion Collins & Aikman was to have paid for the supplier prior to the Sept. 11 attacks. Collins & Aikman's inability to obtain financing for the deal had held it up since its initial August offer, but the two companies now expect it to be finalized by year-end.