Elevate Textiles

Elevate Textiles owns textile brands including American & Efird, Burlington, Cone Denim, Gütermann and Safety Components. Its global headquarters are in Charlotte, North Carolina.

The company was founded by Wilbur Ross and was sold to Platinum Equity in 2016. In 2019, the company changed its name from International Textile Group to Elevate Textiles.[1]

Jeffrey P. Pritchett became the Chief Executive Officer on April 23, 2024.[2]

History

The company was founded by Wilbur Ross. WL Ross & Co acquired the assets of the former Burlington Industries out of bankruptcy in late 2003, and the assets of the former Cone Mills Corporation in 2004.

After outbidding Warren Buffett, who offered $579 million, WL Ross & Co acquired Burlington Industries for $620 million and combined it with Cone Mills in 2004 to form International Textile Group.[3]

In 2005, Ross acquired 77.3% of Safety Components International for $51.2 million.[4]

In October 2006, Ross had International Textile Group acquire Safety Components International. Ross controlled both companies and in February 2014, Ross paid $81 million to settle a lawsuit brought by shareholders that Ross breached his fiduciary duty when structuring the merger.[5] International Textile Group was acquired by

Operations

ITG's operating companies included Cone Denim, Burlington WorldWide Apparel, Burlington House Interior Fabrics, Carlisle Finishing, and Automotive Safety Textiles.

After the 2003 establishment of the company, ITG continued to manufacture fabrics in North America, but it also opened fabric mills in China, Vietnam and Central America. Its best-known fabrics are denim and specialty nylon fabrics used in automotive airbag systems.

ITG denim fabrics were made in the United States in Greensboro, North Carolina, in Mexico, and at the time newer company plants in China and Nicaragua. In the summer of 2009, ITG reported that it had ceased operations at the newly-opened Nicaragua mill.[12]

Many ready-to-wear brands purchase fabrics from Cone Denim, including Levi's, Wrangler and American Eagle Outfitters. The company is also known for its worsted wool fabrics, which are made in North Carolina and in Mexico. The company has developed a source for wool fabrics in India by working with OCM India Limited, a mill in Amritsar, India, which is also owned by funds controlled by W.L. Ross & Co. Customers of the wool fabrics include many well-known makers of wool garments such as Jos A. Bank and others.

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