International Textile Group Inc (ITG) and Safety Components International Inc (SCI) announced that they have signed an agreement to combine the two companies through a merger. Both International Textile Group (ITG) and Safety Components International (SCI) are majority owned by affiliates of WL Ross & Co LLC.
The resulting company will be named International Textile Group Inc SCI will form the basis of the combined company's new automotive safety components business unit.
Wilbur L. Ross, Jr. will serve as Chairman of the combined company. Joseph L. Gorga, current President and CEO of ITG, will serve as President and CEO of the combined company. Stephen B. Duerk, who currently serves as President of SCI, will serve as President of the new business unit.
Wilbur L. Ross, Jr. said, "This merger will represent a significant milestone in the evolution of ITG and the textile industry. We formed ITG in 2004 to consolidate the businesses of leading textile and fabric manufacturers and to take forward the strategic vision of repositioning the US textile industry by leveraging its marketing and textile know-how on a global basis."
"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."
Commenting further, Joseph Gorga said,"We are very excited about SCI becoming a part of ITG's family of companies. We see tremendous opportunities to leverage and build off of the strengths of both companies."
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