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Transnational Corporation ITG International Textile Group The International Textile Group (ITG) is a transnational corporation that is globally positioned to act
Submitted by kneiderman on October 15, 2007
Category: Business
Words: 2020 | Pages: 9
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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 were filing for bankruptcy, and we knew the clock was ticking away with quotas expiring" (Tatge, 2). It is evident that Ross is trying to revamp the textile industry itself. Ross is well-known in the business of producing steel, coal, and auto parts. He is looking to turn the textile industry inside out. Tatge reports, "Ross aims to be the cheapest, quickest, highest-quality and most flexible clothmaker on the planet" (Tatge, 1). He plans to do this through merging the business of unfinished cloth with the once traditionally separate enterprise of producing the finished goods. Perhaps Ross' biggest endeavor is that of capitalizing on the developing world. Not only does Ross feel this is a source of cheap labor, but he also is looking to create new customers.
To understand Ross' thinking, it is vital to know about the apparel and textiles industry itself. The US apparel and textiles market reached a value of $282.25 billion in 2003 and is expected...
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