Mohawk Industries CEO Establishes 10b5-1 Trading Plan for Aladdin Partners, LP
11 March 2006 - 8:55AM
PR Newswire (US)
CALHOUN, Ga., March 10 /PRNewswire-FirstCall/ -- Mohawk Industries
(NYSE:MHK) has been advised that Aladdin Partners LP has entered
into a Rule 10b5-1 trading plan to sell shares of the Common Stock
of the Company. Aladdin Partners LP is an entity controlled by
Jeffrey S. Lorberbaum, the Chairman of Mohawk Industries. Rule
10b5-1 permits individuals who are not then in possession of
material non-public information to establish prearranged plans to
buy or sell stock. The rule allows individuals to buy or sell
shares of stock at specified prices or times in the future, even if
they may possess material non-public information at the time the
transaction is executed. The Aladdin Partnership was established in
1996 to manage investments for the Lorberbaum family. The trading
plan provides for the sale of up to 1,700,000 common shares over
the next eighteen months and represents less than fifteen percent
of the Lorberbaum Family Holdings of Mohawk. After the sale the
Lorberbaum's will still maintain ownership of approximately
seventeen percent of the company. Aladdin Partners LP has advised
the Company that it is entering into this trading plan as a
component of its overall diversification strategy and tax planning.
Due to his control of Aladdin Partners LP, the sale of shares by
the Partnership will be reported by Jeff Lorberbaum under Section
16 of the Exchange Act. Mohawk is a leading supplier of flooring
for both residential and commercial applications. Mohawk offers a
complete selection of carpet, ceramic tile, laminate, wood, stone,
vinyl, rugs and other home products. These products are marketed
under the premier brands in the industry, which include Mohawk,
Karastan, Ralph Lauren, Lees, Bigelow, Dal-Tile, American Olean,
Unilin and Quick Step. Mohawk's unique merchandising and marketing
assist our customers in creating the consumers' dream. Mohawk
provides a premium level of service with its own trucking fleet and
over 250 local distribution locations. DATASOURCE: Mohawk
Industries, Inc. CONTACT: Frank H. Boykin, Chief Financial Officer
of Mohawk Industries, Inc., +1-706-624-2695 Web site:
http://www.mohawkind.com/
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