International Textile Group, Inc.

Company Profile

■URL

http://www.itg-global.com/

■Address

804 Green Valley, Suite 300, Greensboro, NC 27408, USA

Business Overview

-The Company is a global, diversified textile manufacturer with operations in the United States, Mexico, and China. In September 2014, the Company completed the sale of its narrow fabrics business, which produces webbing for seat belts among other products.

-The Company has three primary product segments:

  • Bottom-weight Woven Fabrics, which produces airbag fabrics among other products
  • Commission Finishing
  • All Other

-The Company's automotive safety business operates as a Tier 2 supplier for OEMs.

Shareholders

-The Company's shares are traded as an Over-The-Counter (OTC) stock.

Products

-Airbag fabrics

History

1994 The Company was established as a wholly owned subsidiary of Valentec International Corporation.
Aug. 1996 The Company acquired an 80% interest in Phoenix Airbag GmbH for USD 22 million.
May 1997 The Company acquired all the outstanding stock of Valentec International Corporation in a stock exchange.
Jul. 1997 The Company acquired Air Restraint/Technical Fabrics operation of JPS Automotive L.P., a subsidiary of Collins & Aikman Corp. for USD 56.3 million.
Dec. 1997 The Company acquired Champion Sales and Service Company for USD 3.4 million
Dec. 1998 The Company acquired a 20% interest in Phoenix Airbag GmbH and completed the acquisition.
Apr. 1999 The Company purchased a facility in Bavendstedt, Germany for approximately USD 3 million.
Apr. 2000 The Company filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.
Aug. 2000 The Company finalized the sale of Valentec Systems, Inc, a systems integrator with the US Army, which coordinated the manufacture and assembly of components supplied by various subcontractors; and sold part of the Company's non-core operations. Pursuant to a stock purchase agreement, the Company sold 100% of the shares of stock of Valentec Systems to VTECH Corporation for approximately USD 2.9 million in cash.
Oct. 2000 The Company emerged from Chapter 11 pursuant to the plan confirmed by the Court.
Fiscal 2001 Decided to exit its metal and defense businesses. These businesses consist of the metal division now located in Missouri (Valentec Wells, LLV) and the defense products division located in Ohio (Galion, Inc.)
Nov. 2001 UK subsidiary acquired the airbag business (operated under the name Woodville Airbag Engineering) of TISPP UK Limited, a subsidiary of the Smiths Group PLC.
Dec. 2002 Sold all its stock in Galion to Galion Acquisition, LLC, an affiliate of the Diversified Group Incorporated.  
Aug. 2004 International Textile Group, Inc. was formed by W.L. Ross & Co. LLC to consolidate the businesses of Burlington Industries, Inc. and Cone Mills Corporation. WLR, through certain affiliates, acquired substantially all of the assets of the Burlington and Cone businesses through chapter 11 bankruptcy reorganization proceedings.
Nov. 2004 Signed an agreement to form the South Africa Joint Venture.
Jan. 2005 Signed an agreement to form the China Joint Venture.
Dec. 2005 Certain entities affiliated with WLR acquired a majority of SCI's outstanding common stock, which at that time was traded on the Over-the-Counter Bulletin Board under the symbol "SAFY."
Oct. 2006 Safety Components International, Inc acquired a company formerly known as International Textile Group, Inc. through a merger (the "Combination"). Upon completion of the Combination, SCI changed its name to "International Textile Group, Inc."
Sep. 2014 Completed the sale of its narrow fabrics business Narricot Industries to U.S.-based AEC Narrow Fabrics (AEC).

Supplemental Information 1