International Textile Group Inc is to pay $84m in stock to an investment fund affiliated with WL Ross & Co to buy industrial fabrics maker BST Safety Textiles (BST).

WL Ross acquired BST in December 2006 and also owns a majority of ITG.

The BST businesses, based in Maulburg, Germany, had sales of $280m in 2006 and will now operate as part of ITG's Automotive Group - which was itself formed in October 2006 with the combination of ITG and the businesses formerly operated by Safety Components International Inc.

Regulatory approval of the BST acquisition has already been obtained, and ITG expects to complete the acquisition in early April 2007.

BST makes flat and one piece woven fabrics for automotive air bags as well as narrow fabrics for seat belts and military and technical uses, and employs approximately 1,250 people worldwide.

ITG operates five primary business units: Automotive Group, Cone Denim, Burlington WorldWide (apparel fabrics), Burlington House (interior fabrics) and Carlisle Finishing.