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New bedfellows: Pillowtex Corp., Dallas, agreed to buy Fieldcrest Cannon Inc., Kannapolis, N.C., for cash and stock in a $700 million deal that would create one of the nation’s largest home textile-makers. Fieldcrest Cannon bed and bath brands include Royal Velvet, Touch of Class and Charisma, while Pillowtex markets home textile products under such names as Ralph Lauren, Disney and Martha Stewart. Pillowtex said that under the new agreement, all union contracts will be honored by the combined company, which will have annual sales of more than $1.5 billion.
