September 1, 2006
September 1, 2006 - International Textile Group, Inc., (ITG) - Burlington Industries, LLC is an ITG company - and Safety Components International, Inc., (SCI) announced on Wednesday they have signed an agreement to combine the two companies through a merger. The resulting company will be named International Textile Group, Inc., and headquartered in Greensboro, N.C.
SCI is a leading, low-cost supplier of automotive airbag fabric and cushions and ITG is a diverse, innovative provider of global textile solutions and distinguished market brands to apparel and interior furnishings customers worldwide.
Wilbur L. Ross, who will serve as chairman of the new company, said, "This merger will represent a significant milestone in the evolution of ITG and the textile industry. We formed ITG in 2004 to consolidate the businesses of leading textile and fabric manufacturers and to take forward the strategic vision of repositioning the U.S. textile industry by leveraging its marketing and textile know-how on a global basis. The addition of SCI's leading automotive safety fabrics and airbag cushions business will allow us to expand and elevate ITG's emphasis on technology and engineered fabrics."
The merger is expected to be completed in late 2006.