Auto parts industry consolidator and billionaire Wilbur Ross appears to be strengthening his textile business for another push into the auto industry.
The New York investor said Wednesday, Aug. 30, that he plans to merge his International Textile Group Inc., of Greensboro, S.C., with safety systems company Safety Components International Inc., of Greenville, S.C. The deal, expected to close by year end, could give Ross added clout in auto safety systems by allowing him to combine International Textile's emphasis on engineered fabrics with Safety Components' focus on automotive safety fabrics and airbag cushions.
Safety Components makes airbag fabric and airbag cushions used in North America and Europe. International Textile CEO Joseph Gorga will head the combined company, which will keep the International Textile name.