New York private equity firm WL Ross & Co, led by billionaire turnaround financier Wilbur Ross, is to merge two of its portfolio companies to create a $1bn (€780m) engineering fabrics business.

WL Ross will bring together International Textile Group and Safety Components International, which makes car safety fabrics and air-bag cushions, under the International Textile name.

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Wilbur Ross forms $1bn textiles group

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