International Textile Group Was Acquired By Private Asset Management Co

American leisure

Brand Cone Denim and costumes

The company's Burlington Worldwide parent company International Textile Group (hereinafter referred to as ITG) was acquired by private Asset Management Co Platinum Equity.

During the merger process, Platinum Equity set up a new subsidiary to merge with ITG, while ITG will continue to be a surviving company and a non listed investment company as Platinum Equity.

Therefore, the common shares of ITG have ceased to be publicly traded, and the former shareholders of the company will receive the news of the Continental Stock Transfer & Trust Co. of the combined payment agency about how to get the cash corresponding to the ITG common shares.

In order to complete the merger as soon as possible, Platinum Equity also acquired all debts and equity securities of ITG from the hands of WL Ross & Co. and its subsidiaries.

After the completion of the acquisition, the position of ITG chairman and CEO Kenneth T. Kunberger will remain unchanged. He said that for ITG, this is an exciting moment. The company believes that the new boss and ITG have the same goal strategy, and the new owner can provide a more solid foundation for ITG in performance innovation and

There are more opportunities for inheritance.

The company disclosed that other information about merger and related matters will be disclosed in the securities and Exchange Commission's filing documents.

ITG is a global diversified textile company providing professional clothing materials, advanced uniform fabrics, high-tech commercial fabrics and automotive components for the industry.

Among them, the Cone Denim brand has the longest history. Its White Oak workshop in Boluo, North Carolina is the oldest cowboy workshop in the United States.

In addition to having Cone Denim and Burlington Worldwide brand, ITG's business also includes Safety Components and Carlisle Finishing.

At present, the company has about 4800 employees worldwide, mainly in the United States, Mexico and China.

In August, ITG released its first 3 months' earnings in June 30th. Data showed that gross profit rose 6.9% to $23 million 300 thousand, and net sales fell 5.7% to $148 million 400 thousand.

In the first 6 months of the company, combined net sales fell by 1.3% to $297 million 600 thousand, gross profit increased by 18.9% to $41 million 400 thousand, and business income increased 35% to $27 million 800 thousand.