International Textile Group
International Textile Group (ITG) is a diversified U.S. fabric maker. It acquired the assets of the former Burlington Industries out of bankruptcy in late 2003, and the assets of the former Cone Mills Corporation in 2004. The company has recently ventured into the world of automotive fabrics with acquisition of Safety Components International of Greenville, SC and BST Safety Textiles of Maulberg, Germany. the The company's stock is publicly-traded on the Over-the-Counter Bulletin Board (OTC-BB).
The chairman of the company is New York-based investor Wilbur L. Ross. The company's president and CEO is Joseph L. Gorga.
Its operating companies include:
- Cone Denim
- Burlington WorldWide Apparel
- Burlington House Interior Fabrics
- Carlisle Finishing
- Automotive Safety Textiles
ITG continues to manufacture fabrics in North America, but has also announced plans to develop fabric mills in China, Vietnam and Central America. Its best-known fabric is denim. Denim fabrics are made in the United States, in Greensboro, NC, in Mexico and will also be made in China when the company's new Chinese plant is open sometime in 2007. The company is also known for its worsted wool fabrics, which are made in North Carolina and in Mexico. The company also produces some technical fabrics, such as fabrics made of polyester and nylon. The company owns the well-known brand BURLINGTON, which is licensed to a company in Germany for a European menswear brand. Users of textile fabrics (from apparel makers to home textile makers to automotive suppliers) rely on ITG to be a premium source of top-quality textile goods, an added-value in a time when it is often difficult to find a reliable source for textile products from North America or Europe.
In September 2006, ITG announced plans to merge with Safety Components International, Inc., a Greenville, SC company that manufactures nylon fabrics that are used in automotive airbags. The merger, completed in October 2006, created a $1 billion a year revenue company. At a time when most North American textile companies are struggling for survival, with many in chapter 11 bankruptcy reorganization, ITG is expanding into new markets. The merger with Safety Components was completed on October 20, 2006. The headquarters is based in Greenboro, NC.
In January 2007, ITG announced that it was selling it mattress fabric product line to Culp, Inc., another U.S. textile company that is based in High Point, NC. Also during 2007, the Company has opened a mill in China that will develop apparel and interior fabrics and the Company is developing a Vietnam venture that will supply apparel fabrics and garments.
On April 1, 2007, BST Safety Textiles came into the ITG family of business. By adding BST Safety Textiles ITG's business in automotive components has now grown significantly.
What will be next for this dynamic company?
References
- Hoover's Overview, retrieved August 7, 2006.
- International Textile Group at Yahoo! Finance
In December 2006, Wilbur Ross completed the purchase of BST Safety Textiles GmbH (BST), previously known as Berger Safety Textiles, of Maulburg, Germany. BST is a producer of flat fabric used in manufacturing automobile airbags, one piece woven (known as OPW) airbags, and narrow fabric used in automobile seatbelts and all types of industrial strapping applications. BST currently operates locations in southern Germany, Poland, and the US in Virginia. BST employs over 1200 persons worldwide.
External links
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