How it started
History
The company was founded by Wilbur Ross. WL Ross & Co acquired the assets of the former Burlington Industries out of bankruptcy in late 2003, and the assets of the former Cone Mills Corporation in 2004.
After outbidding Warren Buffett, who offered $579 million, WL Ross & Co acquired Burlington Industries for $620 million and combined it with Cone Mills in 2004 to form International Textile Group.
In 2005, Ross acquired 77.3% of Safety Components International for $51.2 million.
In October 2006, Ross had International Textile Group acquire Safety Components International. Ross controlled both companies and in February 2014, Ross paid $81 million to settle a lawsuit brought by shareholders that Ross breached his fiduciary duty when structuring the merger. International Textile Group was acquired by private equity firm Platinum Equity in 2016.
In 2006, ITG merged with Safety Components International, Inc., a Greenville, South Carolina, company that manufactures nylon fabrics that are used in automotive airbags, that was also controlled by Wilbur Ross.
From Wikipedia’s article on International Textile Group, shared under CC BY-SA 4.0.2