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Burlington, Cone merger set

By Furniture Today Staff -- Furniture Today, March 21, 2004

GREENSBORO, N.C. — GREENSBORO, N.C.— A new textiles giant, International Textile Group, is arising from the merger of Burlington Inds. and Cone Mills, both bought out of bankruptcy by WLRoss & Co. owner Wilbur Ross, a New York financier.

Upholstery fabric suppliers Cone Jacquards and Cone's Carlisle subsidiary will be consolidated with Burlington's jacquard operations into a single Burlington company, which will operate under ITG's Home Furnishings Business. Ross said a search is under way for a president to run the group.

Ross is chairman of ITG. Joe Gorga, previously CEO of Burlington, is now president and CEO of ITG. John Bakane will remain CEO of Cone Mills Denim, reporting to Gorga.

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