GREENSBORO, N.C. -- Galey & Lord said it signed a definitive agreement to acquire the Burlington Industries decorative prints business for $64.7 million in cash.

The sale includes manufacturing plants in Caroleen and Asheboro, N.C., and a warehouse here, which have 650 employees. The deal is expected to be closed by April 30. Galey & Lord said it has a commitment letter from its bank group to provide the funds for the purchase.

The decorative prints business, which sells gray goods and dyed and printed fabrics for home furnishings, had sales of $68 million in its year ended Oct. 2, representing 3.3 percent of Burlington's total sales.

Arthur Wiener, chairman and chief executive officer of Galey & Lord, said the acquisition marks his firm's entry into the home fashion market and he expects an "immediate contribution" to per-share earnings.

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