ITG to buy automotive air bag producer
International Textile Group plans to purchase a German producer of air bags and seat-belt fabric.
The Greensboro company has agreed to pay $84 million in stock to buy BST Safety Textiles, a German company that employs 1,250 people worldwide.
The deal should close early next month. BST, which saw sales approximately $280 last year, plans to grow its U.S. operations through an expansion of ITG's plant in Cordova, in Richmond County. That expansion will allow the Richmond Plant to produce side curtain airbags for cars and could create 200 jobs during the next three years.