Zapata Corp announces to sell 77.3% of share to Wilbur Ross

27 Sep '05

2 min read

Leading holding company Zapata Corp. Chairman, Avie Glazer, announced the sale of 4,162,394 shares, 77.3 percent, of Safety Components International to private equity investor Wilbur L. Ross, Jr. for $51.2 million. Manufacturer of air bag fabrics and cushions, had sales of $230.4 million and income of $7.4 million in the twelve months ended June 30, 2005.

The company's value-added fabrics are mainly used in automobile safety air bags and in a variety of applications such as fire service apparel, ballistics material for luggage, filtration and military tents. Safety Components is headquartered in Greenville, South Carolina and has plants located in North America, Europe, China and South Africa.

Ross said, "Company have confidence in the long-term outlook for the business even though industry conditions are challenging at present. Management has great technical expertise in manufacturing its niche textiles globally, and hope to help them acquire complementary product lines."

Glazer added, "Safety Components is an excellent company and have enjoyed relationship with it. Look forward to continuing to enhance value at Zapata."

US based Zapata is a holding company, which currently has two operating companies, Safety Components International, Inc. and Omega Protein Corporation. The Company has a 77 percent ownership interest in Safety Components and a 58 percent ownership interest in OmegaProtein. In addition, Zapata owns 98 percent of Zap.Com Corporation, which is a public shell company.

Zapata Corporation

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