Asheboro, North Carolina, September 24, 2014 – AEC Narrow Fabrics (AEC) today announced that it has completed the purchase of Narricot Industries, a unit of International Textile Group, Inc. The transaction was completed September 23. The sale includes the Narricot plant facilities in Boykins, Va and Murfreesboro, NC, equipment and current inventories in those locations along with all Narricot products and certain intellectual properties of the business. In addition, all Narricot employees will transfer to AEC to become employees of AEC Narrow Fabrics.
Established in 1898, Narricot is a leading US producer of woven narrow fabrics for military, fire, safety, rescue, automotive, industrial and recreational use.
Larry Himes, AEC Narrow Fabrics’ CEO commented, “We are pleased to have Narricot join with AEC Narrow Fabrics and welcome its employees into the AEC family. Narricot’s strengths in the military, automotive, fire and safety, fall protection and industrial markets complement AEC’s work in these markets and our products for the apparel, medical, bedding, and home furnishings industry. We believe the combination of these companies will serve to strengthen both as we leverage our technologies, product expertise and production capabilities across a more diverse range of markets and end uses.”
Kenneth T. Kunberger, President & Chief Executive Officer of International Textile Group, commented, “We believe this is an excellent move for the Narricot group and will provide more opportunities for growth. Narricot employees have worked tirelessly to improve the operations and technical elements of their products, and we believe that AEC’s expertise in narrow fabrics provides the best platform for Narricot’s future success.”
Under AEC, the Narricot plant will continue to operate and manufacture the current Narricot product lines while exploring new product and market opportunities. ITG and AEC will work closely through a transition period to ensure there is a smooth, seamless transition for employees, customers, and suppliers.
