ITG Partners with China Ting Group
December 11, 2004
GREENSBORO, North Carolina – International Textile Group (ITG) has announced a partnership with Hong Kong-based Ting Group, a leading vertical manufacturer of textile products.
The partnership will yield a dyeing and finishing plant, which will be constructed in the Linping Industrial Area of Hangzhou China. The plant will be under the direction of the Interior Fabrics Division of ITG.
To support growing business in the region, ITG will build a warehouse and distribution center in the Linping Industrial Area. ITG has confirmed the investment of $20 million combined.
"China Ting Group is a world class manufacturing and retailing company. We are combining ITG's technical strength in dyeing and finishing with China Ting Group's excellent operational foundation in the region to further penetrate the interior fabric market segments in China," said Joseph L. Gorga, president and CEO for ITG.
In addition, ITG has announced a license agreement with China Ting Group to develop "Burlington House Retail," a freestanding home furnishings store, which plans to expand to 25 stores in China by the end of 2005.
"Leveraging our brand equity with strategic alliances around the world is a focused objective for ITG, Gorga said. "Building international partnerships is a key aspect of our strategic plan in 2005.
J. Derrill Rice, president of ITG's the Interior Fabrics division said, the dynamic Asian market represents an opportunity for growth. A manufacturing base in China is critical to support our strategy both domestically and abroad.
ITG operates Cone Denim, Burlington WorldWide, Interior Fabrics, Carlisle Finishing and Nano-Tex, LLC. The company was organized in March 2004 by WL Ross and Company LLC.
The partnership will yield a dyeing and finishing plant, which will be constructed in the Linping Industrial Area of Hangzhou China. The plant will be under the direction of the Interior Fabrics Division of ITG.
To support growing business in the region, ITG will build a warehouse and distribution center in the Linping Industrial Area. ITG has confirmed the investment of $20 million combined.
"China Ting Group is a world class manufacturing and retailing company. We are combining ITG's technical strength in dyeing and finishing with China Ting Group's excellent operational foundation in the region to further penetrate the interior fabric market segments in China," said Joseph L. Gorga, president and CEO for ITG.
In addition, ITG has announced a license agreement with China Ting Group to develop "Burlington House Retail," a freestanding home furnishings store, which plans to expand to 25 stores in China by the end of 2005.
"Leveraging our brand equity with strategic alliances around the world is a focused objective for ITG, Gorga said. "Building international partnerships is a key aspect of our strategic plan in 2005.
J. Derrill Rice, president of ITG's the Interior Fabrics division said, the dynamic Asian market represents an opportunity for growth. A manufacturing base in China is critical to support our strategy both domestically and abroad.
ITG operates Cone Denim, Burlington WorldWide, Interior Fabrics, Carlisle Finishing and Nano-Tex, LLC. The company was organized in March 2004 by WL Ross and Company LLC.
