International Textile Group Inc formed by the combination of International Textile Group Inc and Safety Components International Inc in October 2006 provided an update on key strategic initiatives and announced the consolidated results of the combined Company in its Annual Report on Form 10-K for the 2006 fiscal year.
ITG is aggressively transforming itself from a North American textile manufacturer into a global provider of textiles and related supply chain solutions through a series of capital intensive initiatives.
Key elements of its business strategy are the entry into the automotive safety components industry, with the formation of its Automotive Safety business unit, and for its existing businesses, the construction of four new operations in China, Vietnam and Nicaragua which are expected to be operational in 2007 and early 2008 at an investment of more than $300 million.
ITG expects to achieve additional growth opportunities through the formation of its Automotive Safety business unit and its recent acquisition of BST Safety Textiles (“BST”) for $230 million, including assumed debt. Operating as the Company's largest division, Automotive Safety, which includes BST and Safety Components International, further diversifies and elevates ITG's highly engineered, technical products and establishes a major presence in the automotive safety components industry.
To meet the growing demand for side curtain airbags, the Company is investing $35 million to add a new one-piece woven (OPW) airbag operation within its Richmond Plant in Cordova, NC. In June 2006, the Company invested $27 million to purchase its joint venture partner's 50% equity interest in Parras Cone, a state-of-the-art denim facility in Mexico, enhancing ITG's platform in that region.
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