Ross: Investment in WPS will be patient
By Staff -- Home Textiles Today, 3/4/2005 2:27:00 PM
NEW YORK – Billionaire investor Wilbur Ross would like to see WestPoint Stevens become a low-cost global producer.
"There is so much potential to this company once you relieve it of the terrible debt," Ross told HTT.
Ross emphasized that he and the other four members of his investment group are in no hurry to make a killing on WestPoint, the way he did when he cashed out of an earlier venture in steel.
"We don't need to cash things in quickly," Ross said. "Our partners are generally people like pension funds who tend to be long-term investors. As long as they see some accretion in value, there is no compelling need to cash in."
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