ITG to absorb Ross firm SCI
August 30, 2006-- Home Textiles Today,
Greensboro, N.C.— International Textile Group (ITG) and Safety Components International, both affiliates of WL Ross & Co., said today they will merge, with Safety Components being folded into ITG.
On a combined basis, net sales would have been $997.7 million for the year ended December 31, 2005 and $443.9 million for the six months ended June 30, 2006.
Chairman Wilbur Ross said the merger will "represent a significant milestone in the evolution of ITG and the textiles industry." He said the merged business will form the basis of combined company's automotive safety components business. ITG operates four business units: Cone Denim, Burlington WorldWide (apparel fabrics), Burlington House (interior fabrics), and Carlisle Finishing.
Autmotive Safety will be the fifth business unit. SCI is a leading supplier of automotive airbags and cushions.
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