International Textile Merges With Auto Unit
Wilbur Ross’ textile empire continues to grow.
Two companies backed by WL Ross & Co. LLC—Greensboro, N.C.–based International Textile Group Inc. (ITG) and Greenville, S.C.–based Safety Components International (SCI)—have agreed to merge to create one company with more than $1 billion in revenues.
In a statement announcing the merger, Ross said, “The addition of SCI’s leading automotive safety fabrics and air-bag cushion business will allow us to expand and elevate ITG’s emphasis on technology and engineered fabrics and provide opportunities for all of ITG’s businesses to build upon SCI’s extensive global presence.”
Added Joseph Gorga, ITG’s chief executive and president: “We expect to be able to benefit from many synergies in our R&D initiatives, manufacturing processes, purchasing strategies and international expansions.
In addition, through the combined company, we expect to have access to financial capital across the full spectrum of products and businesses.”
Safety Components will change to the International Textile Group nameplate, and its shares will continue to trade publicly on the NASD over-the-counter bulletin board. The merger is expected to be completed by the end of the year. Ross will serve as chairman, and Gorga will be president and chief executive of the combined company. Stephen B.
Duerk, currently SCI’s president, will be president of the new business unit.
ITG itself was formed in 2004, when Ross combined Burlington Industries into Cone Mills. The company now operates four units: Cone Denim, Burlington WorldWide, Burlington House and Carlisle Finishing.—Robert McAllister
