Citing synnergies, Wilbur Ross is merging two companies in which he has majority ownership: International Textile Group and Safety Components International. The company will be headquartered in Greensboro, NC; WL Ross & Co will own approximately 82% of the combined entity which will have annual revenues of around $1 billion…..
The deal will allow Ross’s textile group to expand its emphasis on engineered fabrics, as Safety Components (SCI) makes automotive safety fabrics and air-bag cushions.
Safety Components will change its name to the International Textile Group, and its shares will continue to trade publicly on the bulletin board. It is unclear what ticker symbol the shares will take, Ross said in an interview with Reuters….
The combined company, to be headquartered in Greensboro, North Carolina, will operate through five primary business units: Automotive Safety Components, Cone Denim, Burlington WorldWide (apparel fabrics), Burlington House (interior fabrics) and Carlisle Finishing.
Wilbur Ross to merge auto unit into textile group – Reuters
