Zapata Corp. Chairman, Avie Glazer, announced the sale of 4,162,394 shares, 77.3%, of Safety
Components International to private equity investor Wilbur L. Ross, Jr. for $51.2 million. Safety
Components, the leading independent manufacturer of air bag fabrics and cushions, had sales of
$230.4 million and income of $7.4 million in the twelve months ended June 30, 2005. The company’s
value-added fabrics are mainly used in automobile safety air bags and in a variety of applications
such as fire service apparel, ballistics material for luggage, filtration and military tents.
Safety Components is headquartered in Greenville, South Carolina and has plants located in North
America, Europe, China and South Africa.
Mr. Ross said, “We have confidence in the long-term outlook for the business even though
industry conditions are challenging at present. Management has great technical expertise in
manufacturing its niche textiles globally, and we hope to help them acquire complementary product
Mr. Glazer added, “Safety Components is an excellent company and we have enjoyed our
relationship with it. We look forward to continuing to enhance value at Zapata.”The transaction is
subject to a number of closing conditions, including approval by the shareholders of Zapata. Glazer
interests, owning 51% of Zapata stock have committed to vote in favor of the deal.
Press Release Courtesy of Wilbur L. Ross