Transnational Corporation Itg
International Textile Group
The International Textile Group (ITG) is a transnational corporation that is globally positioned to act as a valuable partner to companies around the world in product development, styling and design, manufacturing and marketing. ITG has several locations around the globe to perform its outsourcing business and is continuing to merge with more and more companies to expand its global network and success.
ITG was formed in 2003 when Burlington Industries Inc. and Cone Mills Corp. were consolidated. Both companies were bought out of Chapter 11 bankruptcy proceedings by Wilbur L. Ross & Co. Although many were concerned about Ross' decision to merge the two bankrupt companies, this consolidation created a $900 million company in which Ross is chairman. Ross' WL Ross & Co. and its affiliates control about 82% of ITG (Hoovers, 2006).
Ross has been revitalizing bankrupt companies since 2002. Ross stated, "We saw the mills had way too much debt, a lot......
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