March 19, 2004
March 19, 2004 -- Wilbur L. Ross announced on Wednesday that Cone Mills, which was acquired out of bankruptcy last Friday, would be combined with Burlington Industries to form International Textile Group (ITG) with combined revenues of approximately $900 million. Ross is chairman and president of ITG.
Cone Mills will assume responsibility for Burlington Burlmex denim manufacturing in Mexico. Cone Jacquards will be consolidated with Burlington?s two Jacquard operations into a single Burlington Company and Cone?s Carlisle subsidiary will also become part of Burlington. Burlington House and Cone Jacquards and Carlisle will operate under ITG?s newly formed Home Furnishing Business.
All four companies will operate from a single headquarters in Greensboro, N.C., if local authorities provide the requested incentives.
The leadership of these entities ?is pleased to provide stability and opportunities to over 1,000 manufacturing employees at Cone?s White Oak plant in Greensboro.? They also stated, ?We look forward to blending these two companies and strengthening the well-know Cone and Burlington brands in the marketplace.?
Staff contact, Rita Kourlis Samuelson, ext. 29