Interviews
News Flash
ITG updates key strategic initiatives & reports 2006 results
04 Jun '07
4 min read
“This has been both an exciting and challenging time for ITG,” said Joseph L. Gorga, President and CEO. “Through strategic acquisitions in automotive safety products, building of greenfield operations in focused areas and capital expansion projects, we are growing our capabilities and creating a competitive global platform.” Gorga continued, ”By the end of 2007 we expect to have expanded our operational capabilities in North America, Europe, Asia and Africa providing increased focus on the market growth of automotive safety textiles, denim and other apparel fabrics, government uniform and technical and specialty textile markets in both the US and abroad."
"The combination of our global footprint, advanced R&D initiatives of our newly formed Burlington Labs and market expertise puts ITG in a leading position to drive enhanced total supply chain solutions for our customers.” As reported in the Form 10-K, ITG's net sales for fiscal year 2006 which ended December 31, 2006 were $720.9 million.
Net sales do not include sales of BST Safety Textiles, which was acquired on April 1, 2007 and had 2006 sales of approximately $270 million. As part of the Company's transition activities and associated cost, ITG incurred a loss of approximately $50 million primarily as a result of discontinued operations, realignment of its US footprint, start-up expenses of its greenfield projects and transaction costs associated with the merger of the two companies in October.
Wilbur L. Ross, Chairman of ITG, said, “Our year-end results reflect the transition of the Company, and we consider this loss in 2006 an investment in the future of ITG."
We would expect to incur losses into the first half of 2007 as our expansion projects reach completion. Our focus is on the successful start-up and implementation of key strategic initiatives across new and existing operations and the continued transformation from a North American producer to a diversified, global manufacturer.”
International Textile Group Inc is a global, diversified textile manufacturer that produces automotive safety, apparel, government uniform, technical and specialty textiles. ITG was formed by WL Ross in 2004 and operates five primary business units: Automotive Safety, Cone Denim, Burlington WorldWide (apparel fabrics), Burlington House (interior fabrics) and Carlisle Finishing.
"The combination of our global footprint, advanced R&D initiatives of our newly formed Burlington Labs and market expertise puts ITG in a leading position to drive enhanced total supply chain solutions for our customers.” As reported in the Form 10-K, ITG's net sales for fiscal year 2006 which ended December 31, 2006 were $720.9 million.
Net sales do not include sales of BST Safety Textiles, which was acquired on April 1, 2007 and had 2006 sales of approximately $270 million. As part of the Company's transition activities and associated cost, ITG incurred a loss of approximately $50 million primarily as a result of discontinued operations, realignment of its US footprint, start-up expenses of its greenfield projects and transaction costs associated with the merger of the two companies in October.
Wilbur L. Ross, Chairman of ITG, said, “Our year-end results reflect the transition of the Company, and we consider this loss in 2006 an investment in the future of ITG."
We would expect to incur losses into the first half of 2007 as our expansion projects reach completion. Our focus is on the successful start-up and implementation of key strategic initiatives across new and existing operations and the continued transformation from a North American producer to a diversified, global manufacturer.”
International Textile Group Inc is a global, diversified textile manufacturer that produces automotive safety, apparel, government uniform, technical and specialty textiles. ITG was formed by WL Ross in 2004 and operates five primary business units: Automotive Safety, Cone Denim, Burlington WorldWide (apparel fabrics), Burlington House (interior fabrics) and Carlisle Finishing.
International Textile Group Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
