International Textile Group Inc announced that the Cone Denim division now holds complete ownership of its Parras Cone denim operation, having completed the purchase of the 50 percent held by Compania Industrial de Parras SA (CIPSA). The purchase price totaled $27.3 million.
A large vertical denim operation, Parras Cone was started as a joint- venture in 1993 with Cone Denim and its partner CIPSA owning equal interests. Cone Denim has been actively managing the commercial aspect of Parras Cone related to production styles and customers for a number of years allowing for a seamless transition. The change in ownership is not expected to result in changes in facility management.
The company reported that it is excited about this purchase believing it represents further progress in the continued consolidation of the global denim industry. As a wholly owned operation, Parras Cone will make a stronger contribution to Cone Denim's long-term strategy to provide customers with innovative and market-driven denims and services from an expanding global network of manufacturing platforms.
Established in 1891, Cone Denim has been a leading supplier of denim to top denim apparel brands for over 100 years. Known for its innovation, authenticity, quality and service, Cone Denim maintains operations in the United States, Mexico and Turkey, and has expansion initiatives underway in Central America and China to provide broader service and flexibility to customers worldwide.
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