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CGW Agrees to Buy Johnston Industries, Inc

05 April 2000

CGW Southeast Partners IV and Johnston Industries, Inc. today jointly announced the signing of a definitive purchase agreement whereby CGW will acquire up to 100 percent of the outstanding shares of Johnston common stock. As a result of the transaction, Johnston will become a subsidiary of CGW. CGW, headquartered in Atlanta, Georgia, is a Delaware limited partnership organized to make strategic investments in distribution and manufacturing businesses throughout the United States. Johnston Industries, Inc. manufactures and markets engineered textile products primarily for industrial and home furnishings end uses. One of its subsidiaries, Johnston Industries Composite Reinforcements Inc., makes Vectorply(R)and other sophisticated non-crimp multiaxial reinforcing fabrics from fiberglass, carbon and aramid fibers used in a wide variety of applications.