International Textile Group, Inc. Business Report FY2008
|Financial Overview||(in thousand dollars)|
|FY2008||FY2007||Rate of change (%)||Factor|
Sales in the automotive safety segment were $403.8 million in 2008 compared to sales of $449.3 million in 2007. Sales in the Company's North America business increased $2.5 million due to market share growth early in 2008, offset by the economic downturn beginning in the third quarter of 2008. The Company's European sales were impacted more by the economic downturn and reduced volumes were partially the result of an increase in decision to in-source production by certain of the segment's customers.
-During 2008, the Company decided to cease the remaining activities at the Hildesheim facility which primarily consisted of research and development, design, product development and general and administrative functions. This action affected approximately 90 employees.
-In the fourth quarter of 2008, the Company initiated a cost reduction program related to selling, administrative and other staff reductions at its corporate headquarters and other locations, including the realignment of its Cone Denim and Burlington WorldWide divisions to create a single apparel fabric division. These actions resulted in the termination of approximately 65 employees.
|R&D Expenditure||(in million dollars)|
-The Company has technical centers in Greenville, South Carolina; South Hill, VA; Ensenada, Mexico; and Hildesheim and Maulburg, Germany.
-All of the Company's laboratories are ISO/TS 16949 certified.
-Through the above noted technical centers, the Company has the ability to test and analyze a wide range of fabrics (airbag or other) under internationally accepted testing standards, including US-ASTM, Europe-DIN and ISO, Asian-JIS and Underwriters NFPA. All validation testing and analytical testing of fabric is performed in these laboratories.
|Capital Expenditure||(in million dollars)|
|Total Capital Expenditures||67.5||181.6||92.2|