N.C., Aug. 2 /PRNewswire/ -- WL Ross & Company
announced today that it has completed the integration
of Burlington Industries and Cone Mills
into the newly formed International Textile Group (ITG).
The company also announced
it has entered into a five-year, $150 million
credit facility led by Bank of America. Other lenders in the bank group
include GE Capital Corporation and The CIT Group.
credit facility will fund our anticipated growth in 2005 and later years," commented
Wilbur L. Ross, Chairman of International Textile Group.
"We are proud that three of the world's largest and most sophisticated lenders
to the textile industry share our confidence that ITG will prosper even
in a world without textile quotas."
L. Gorga, President and CEO for International Textile Group, added,
"Since March we have made tremendous progress in leveraging the strengths
synergies within the combined businesses of ITG. With a solid financial
cutting-edge technology, leading market brands and a talented and skilled
workforce, we have the resources in place to set a new standard in the
marketplace and drive our international growth strategy."
continued, "At the core of ITG we are focused on meeting our
customers' needs in a dynamic, global environment and providing new solutions
that add value and enable the success of our customers."
Textile Group operates five businesses, which include:
Cone Denim, the world's largest and most diversified producer of denim
fabrics with operations in the United States, Mexico, Turkey, India and
future operation planned in Guatemala.
Burlington Apparel Fabrics, one of the leading producers of apparel
fabrics serving the menswear, womenswear, activewear, cotton casual, tailored,
uniform and barrier markets. Facilities include operations in the United
States and Mexico as well as a coordinated network of international mill
partners based out of Hong Kong.
Home Furnishings includes the business units of Burlington House and
Cone Jacquards, which produce interior fabrics serving the residential
contract upholstery, top-of-the-bed, window, mattress fabric, healthcare,
corporate and hospitality markets. Operations are located in the United
States, with sourcing offices located in China, Pakistan, Australia, Turkey
Carlisle Finishing, a domestic commission dyeing, printing and
finishing operation for woven and non-woven fabrics serving the apparel,
special and home decorative markets.
Nano-Tex, LLC, an advanced materials company that develops and markets
a family of nanotechnology-based textile treatments that dramatically improve
the performance of everyday fabrics. Nano-Tex products are used by over
textile mills and sold by more than 40 leading apparel and interior
furnishings brands worldwide. Nano-Tex headquarters and R & D Center
located in Emeryville, CA with regional offices in Greensboro, Milan,
Istanbul, New Delhi, Hong Kong and Osaka.
conjunction with today's announcement, International Textile Group
launched its new corporate logo, a timeless, distinct design of the ITG
letters and company name. Business units will continue to operate under
well-known brand name as part of International Textile Group.
Textile Group will be headquartered in Greensboro, NC.
Corporate and division offices will be located on Green Valley Road in
Greensboro in the previous Cone Mills headquarters building and in an adjacent
office complex. Preparations are underway, and the headquarters move will
completed by the beginning of November.
Textile Group, the combined company of Burlington Industries
and Cone Mills, is a diverse, innovative provider of global textile solutions
and distinguished market brands to apparel and interior furnishing customers
International Textile Group