Thomas E. McKenna has been named to succeed John L. Bakane as president of the Cone Denim division
of Greensboro, N.C.-based International Textile Group (ITG). Bakane retired from the company in
December 2007.
McKenna began his career with ITG Cone Denim in 1981 as a sales representative in New York
City for the company’s predecessor, Cone Mills. After holding sales and management positions in the
United States, he opened the company’s first international sales office in Brussels, and in 1995
moved to Singapore to become director of marketing for the Asia/Pacific region. Later returning to
the United States, he assumed several executive positions including executive vice president, denim
merchandising and marketing, for Cone Mills; and was promoted to president, sales and marketing,
for Cone Denim following the formation of ITG in 2004 through the merger of Cone Mills and
Burlington Industries.
In other news, Cone Denim Nicaragua (CDN), has received a syndicated loan of up to $37
million through the Inter-American Investment Corp. (IIC) to help it complete a 600,000-square-foot
vertical manufacturing facility near Nicaragua’s capital, Managua. The plant will house the first
denim production operation in Central America, providing 850 jobs and producing 28 million yards of
denim per year once it becomes fully operational.
Washington-based IIC, a multilateral financial institution and a member of the Inter-American
Development Bank Group, will provide up to $15 million of the funding. Nicaraguan banks Banco de la
Producción S.A., Banco de America Central S.A., Banco de Credito Centroamericano S.A. and Banco
HSBC Nicaragua S.A. will provide $22 million.
“We are excited about our partnership with the IIC and the Nicaraguan banks to finance
the CDN project,” said ITG Executive Vice President Gary Smith. “We believe that the CDN project
and the financing support within the region is the model for future investments in the region by
other companies seeking to realize upon opportunities in Central America to competitively supply
the US market.”
“We are also very excited about our Cone Denim Nicaragua facility and the value and
capabilities it will provide to our customers in the Central American supply chain,” said Matt
Hayes, vice president, Denim Manufacturing – Latin America. Hayes said production is expected to
begin this quarter.
January/February 2008
