International Textile Group Inc. (ITG), Greensboro, N.C., and Safety Components International Inc.,
(SCI) Greenville, have announced they will merge, with the resulting company to be known as
International Textile Group Inc. and headquartered in Greensboro. The two companies are
majority-owned by affiliates of New York City-based WL Ross and Co. LLC.
SCI is a low-cost, global supplier of automotive airbag fabric and cushions, and a
manufacturer of value-added man-made fabrics for various niche commercial and industrial
applications. The company will become ITG’s Automotive Safety Components business unit, joining
ITG’s Cone Denim, Burlington WorldWide apparel fabrics, Burlington House interior fabrics and
Carlisle Finishing units. Wilbur L. Ross Jr. and Joseph L. Gorga will continue in their roles as
chairman, and president and CEO, respectively, of ITG; while Stephen B. Duerk, currently president
of SCI, will become president of the new business unit.
“This merger will represent a
significant milestone in the evolution of ITG and the textile industry,” Ross said. “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 and provide opportunities for all of
ITG’s businesses to build upon SCI’s extensive global presence.”
“SCI’s automotive safety and specialty niche engineered fabrics, along with globally
fabricated airbag cushions, bring strong product diversification to ITG,” Gorga added. “We expect
to be able to benefit from many synergies in our [research and development] initiatives,
manufacturing processes, purchasing strategies and international expansions.”
September 5, 2006
