Textile Group will Open Four Offshore Plants
Source: Textile Exchange Date: 2007-04-28
International Textile Group Inc. said it plans to open four manufacturing plants offshore by early 2008.
The company, based in Greensboro, makes automotive safety textiles, denim and other apparel fabrics, government uniforms, and products for technical and specialty-textile markets.
ITG plans to open two plants in China and a plant in Nicaragua and Vietnam. The combined capital investment is expected to be more than $300 million.
It also plans to spend $35 million on an expansion of its woven-airbag plant in Cordova, N.C.
When the expansion is completed, ITG will have 12 of its 19 manufacturing operations outside the United States.
The company reported Tuesday a loss of $50 million in fiscal year 2006, primarily caused by restructuring costs related to the closing of domestic plants and the start-up expenses of its Greenfield projects. It had a diluted-earnings loss of $3.25 a share.
