ITG Cone Denim celebrates Nicaragua opening

April 24, 2008 - United States Of America

International Textile Group's ("ITG") Cone Denim has announced the opening of its Nicaragua operation.

Located outside Managua, Nicaragua in the Jorge Bolanos Abaunza Textile Park, the Cone Denim Nicaragua (CDN) facility held its Grand Opening Ceremony on April 22.

A fully vertical operation, CDN is equipped with the most modern manufacturing equipment to process raw cotton through finished denim fabric. The facility has a capacity of approximately 28 million yards per year and will employ about 850 people.

"ITG Cone Denim is leading the industry as the first global denim fabric manufacturer to have operations in Central America," said Wilbur L. Ross, Jr, Chairman of ITG.

"We recognized early on the significance of this region to our customers and the competitive value it brings. We are excited to be a part of the growth and new opportunities here.

ITG Cone Denim is known throughout the world as the leader in denim innovation and quality and is a leading supplier to the world's top denim brands.

Our Central America platform allows us to further expand our innovative products and total supply solutions to customers worldwide."

Speaking at the Ceremony was Mr. Daniel Ortega S., President of Nicaragua; General Alvardo Baltodano C, Technical Secretary of the National Free Zone Commission for Nicaragua; Mr. Paul Trivelli, US Ambassador to Nicaragua; Joseph L. Gorga, President & CEO for ITG; David L. Wax, Managing Director for WL Ross & Co. and a member of ITG's Board of Directors; and Charles Matthew Haynes, Sr. Vice President Operations for the Americas region for Cone Denim.

Others attending the ceremony included Assistant US Trade Representative for the Americas Everett Eissenstat; ITG Board Director Ambassador Stephen W. Bosworth; ITG Board Director Dr. Daniel D. Tessoni; and ITG Cone Denim President Thomas E. McKenna.

"Our focus over the past year has been on expanding our footprint and putting in place the strategic pieces of an extensive global supply chain," said Joseph L. Gorga, President & CEO.

"CDN provides our customers advanced manufacturing capabilities in a cost-competitive platform. The Nicaragua location combined with our denim manufacturing capabilities in the US, Mexico, and China and partnerships in India and Turkey allows ITG Cone Denim the resources and flexibility to service the diverse global supply needs of our customers."