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Glen Raven - 5/1/2007

Glen Raven, Inc. Moves Forward with Merger Plans

Glen Raven, Inc. is moving forward with plans for the combination of its operations with The Astrup Company 
and John Boyle & Company, announcing the signing and closing of definitive merger agreements through which 
Astrup and Boyle have become wholly-owned subsidiaries of Glen Raven. A joint transition team has been 
formed that will focus on product and service innovations for the future. 

            While our immediate focus is on a smooth, seamless transition for our customers, we are also laying 
the groundwork for continuing innovation and growth, said Allen E. Gant, Jr., president of Glen Raven. Service
 will continue at the highest levels possible throughout the transition process. 

            Boyle and Astrup will continue to operate as separate companies while a transition team consisting of 
members of senior management from all three companies completes a comprehensive operational review and 
develops an integration and growth plan. 

Merging Glen Raven’s resources with those of Boyle and Astrup will create a stronger, more diversified 
organization that is capable of providing enhanced value to our customers, Gant said. Today’s global markets 
demand innovative products, efficient supply chains, close working relationships with customers and strong 
consumer brands. We will achieve all of this and more by joining forces with the talented people at Boyle and 

Gant said Glen Raven is committed to open and continuing communications with customers as integration plans 
are developed and implemented.  

For the immediate future and throughout this busy season of the year, it will be business as usual in terms of 
customer service teams and product supply lines, Gant said. As we look into the future, however, we envision 
this merger as enabling us to offer our customers more efficient services and innovative new products.

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