GREENSBORO — International Textile Group — which owns the Burlington plant in Cordova — announced Monday that it has been acquired by Platinum Equity through a merger.
According to a statement from the company, a newly formed Platinum Equity affiliate merged with and into ITG, with ITG continuing as the surviving corporation and as a privately held Platinum Equity portfolio company.
As a result, ITG’s common stock will no longer be publicly traded and former stockholders will receive information from Continental Stock Transfer & Trust Company, the paying agent in the merger, on how to receive cash consideration for their shares of ITG stock in the near future, according to the statement.
“This is an exciting time for ITG,” said Kenneth T. Kunberger, president and CEO of International Textile Group, who will continue his role under the new ownership. “We believe Platinum Equity and ITG’s goals and strategies are well aligned and provide a strong foundation on which to further leverage ITG’s performance innovations and brand heritage across our global markets. We look forward to many opportunities ahead.”
International Textile Group, Inc. is a global provider of textile solutions across performance and specialty apparel fabrics, advanced uniform fabrics, technical commercial fabrics and engineered automotive components, according to the statement. Its businesses include: Burlington, Cone Denim, Safety Components and Carlisle Finishing. The company employs approximately 4,800 people worldwide with operations in the United States, Mexico and China.
Platinum Equity was founded in 1995 by Tom Gores, and is a global investment firm specializing in mergers, acquisitions and operations in a broad range of markets, including manufacturing, distribution, transportation and logistics — completing more than 185 acquisitions over the past 20 years, according to the statement.
Delores sides, director of corporate communications for ITG, said the company does not anticipate any impact its day-to-day operations.
The plant in Cordova — which currently employs around 360 workers — has been in operation since 1980.
In February of 2015, ITG announced a $2 million investment that would allow it to upgrade the manufacturing capabilities of the plant and implement a new operating schedule, expected to create 10 additional jobs within two years.
International Textile Group, which owns the Burlington plant in Cordova, announced this week that it was being acquired by Platinum Equity in a merger.