All Other Textile Product Mills (U.S.)

NAICS 2022 code 31499 — a Histometrics rollup primer

1. Overview

This is the "everything that's left" tier of U.S. textile-product manufacturing — the two industries the North American Industry Classification System (NAICS) files together after the named categories (carpets, curtains, bags, canvas) have been taken out. It bundles two businesses that share almost nothing except a labeling convention: mills that twist and braid fiber into rope, cordage, twine, and tire reinforcement, and a large grab-bag of mills that convert purchased fabric and fiber into finished miscellaneous goods — batting and fiberfill, felt, sleeping bags, fishing nets, technical textiles — plus the thousands of contract embroidery and monogramming shops folded into the same code.

Together they are a roughly $6.0 billion-a-year domestic manufacturing base [1] spread across about 2,200 firms [1] and 32,700 workers [2]. But the level average hides the only fact that matters at this altitude: the two halves are shaped completely differently. One is small, capital-heavy, concentrated, and plugged into global auto supply chains; the other is large, fragmented, cash-light, and overwhelmingly a private small-business world. This primer's job is the contrast between them.

Why an investor cares: there is no U.S.-listed pure-play in either child, and the reasons differ. In the rope/tire-cord half, the scale sits on foreign parent accounts; in the miscellaneous half, the industry is simply too fragmented and too private to have thrown off a public company. For public-market investors the level is reachable only through foreign-listed tire-reinforcement makers, Canada-listed Aimia (owner of Cortland International for rope exposure) [3], or a few adjacent small-cap textile names. For private investors — family owners, search funds, lower-middle-market private equity (PE) — this is fertile ground: this is an industry you own or operate, not one you buy a ticker for.

2. What's inside — the two child industries and how they differ

The level has exactly two children, and they sit at opposite ends of almost every axis. The smaller-by-revenue child (314994) is the more concentrated, capital-intensive, higher-paid one; the larger child (314999) is the fragmented, small-business one that dominates the firm and employment counts.

The headline paradox: the child that is only a third of the revenue and a twentieth of the firms is the one with real capital, technical moats, wage premiums, and (in its tire-cord core) genuine concentration. The child that is two-thirds of the revenue and nearly all the firms is a thin-margin, low-barrier, owner-operator economy. When you read the level's blended statistics in Section 3, keep this split in mind — the average describes neither business.

3. How big it is (this level's rollup figures)

Federal figures for the combined level (Histometrics ground truth). The children sum cleanly to the level on every metric, which is the useful check that these two really are the whole of 31499:

That works out to roughly $2.7 million of revenue per firm and about $45,000 average pay per worker [1][2] — both of which are blends of two very different distributions and describe no actual company.

Read the concentration numbers with care. The level HHI of 155 (a scale where anything under 1,500 is "unconcentrated"; the U.S. Department of Justice antitrust threshold) and a CR4 of just 20% make 31499 look less concentrated than either of its children — 314994 alone runs an HHI near 607 and a CR4 near 39%. That is a rollup artifact, not a real signal: the two children are separate product markets (nobody buys tire cord as a substitute for quilt batting), so lumping them together dilutes measured concentration. The honest reading is "very fragmented overall, but with a capital-heavy tire-cord core inside the smaller child" [1][4][5].

Undercount caveat. These counts capture employer establishments only, and the miss is concentrated in the larger child. The 314999 half includes thousands of home-based, one-person embroidery, monogramming, and craft-batting operators who file as nonemployer sole proprietors and never appear above; trade trackers put commercial-embroidery shops alone at 15,000-plus in the U.S. [6]. So the true number of operators touching this level is materially higher than 2,213, even though the payroll and shipment dollars are captured reasonably well. The 314994 half undercounts differently — a large share of U.S. rope, twine, and tire cord is imported (roughly 79,000 tons of cordage in 2024) or produced by U.S. subsidiaries whose scale shows up on foreign parent accounts, so domestic mill shipments understate true consumption [7]. No part of this level is distorted by government ownership; it is genuinely small — it is simply undercounted at the tiny-operator end and globally sourced at the industrial end.

4. The investable universe (where value concentrates across the children)

The single most important fact: there is no U.S.-listed pure-play anywhere in this level. Value that a public investor can actually touch concentrates almost entirely in the tire-cord/reinforcement sliver of the smaller child (314994) — and even that is foreign-listed. The rope/cordage half gained one disclosed public option in 2023 when Aimia acquired Cortland International. Everything else is private.

Public exposure (all indirect, concentrated in 314994's tire-cord end):

Public exposure to rope/cordage:

Tire majors — Goodyear (Nasdaq: GT), Michelin (Euronext Paris: ML), Continental (Frankfurt: CON) — are the demand side, not producers, but they embed the tire-cord half's fortunes. Avient (NYSE: AVNT), owner of the Dyneema HMPE business, offers upstream exposure to high-performance synthetic fiber, but returns depend on many applications beyond rope [12].

For the larger child (314999), the closest listed names are thematic proxies whose core business sits in adjacent fabric/yarn codes: Culp, Inc. (NYSE: CULP) and Unifi, Inc. (NYSE: UFI) touch 314999-type converting (mattress covers, recycled insulation/wadding) only at the edges and carry their own restructuring stories [5]. TransDigm Group (NYSE: TDG) owns Airborne Systems, which makes military parachutes and aerial-delivery recovery systems — a genuine 314999 activity — but sales are not separately disclosed and the exposure is highly diluted within a large aerospace conglomerate [13][14]. Broad textile or consumer-discretionary funds give this level only trace weight.

Where the domestic value actually lives (private):

• Tire cord & fabric: Kordsa U.S., Firestone Fibers (Bridgestone), Milliken & Company [4].
• Rope & specialty cordage: Samson Rope Technologies, Yale Cordage/Slingmax (PE-backed by River Associates, which acquired Yale in 2020 and Yale subsequently acquired Slingmax), Teufelberger Fiber Rope/New England Ropes (Austrian family-owned), Cortland Industrial (Aimia), WireCo WorldGroup (PE-owned by Onex), Sterling Rope, and numerous smaller cordage and rigging specialists [4].
• Batting/fiberfill & technical textiles: Fairfield Processing (Poly-Fil), The Warm Company, Wm. T. Burnett, and niche fire-hose/filtration/defense converters, many PE-backed [5].
• Sleeping bags: Exxel Outdoors (250,000 sq ft Alabama plant producing 1.5M+ bags/year) [15].
• Flags: Annin Flagmakers (sixth-generation family-owned, describes itself as the largest U.S. flag manufacturer) [16].
• Recovered/recycled fiber: Leigh Fibers, Barnet [5].
• Parachutes/aerospace: Airborne Systems (TransDigm subsidiary) [13][14].
• Contract decoration: thousands of independent embroidery shops serving promotional-products and uniform channels [6].

The takeaway: to own this level through public markets you buy the foreign tire-reinforcement makers, Aimia for rope, or the tire majors; to own the American rope, converting, and decoration businesses you almost have to do it privately.

5. How the money works

Across both children this is a manufacturing spread business — selling price minus (purchased fiber/fabric + labor + machine overhead + freight) — but the levers differ by segment.

• Input-cost pass-through is the master variable everywhere. Petroleum-linked polyester and nylon dominate the cost sheet in both children (plus steel wire in tire cord, cotton and natural fibers in batting and traditional cordage). U.S. polyester staple fiber ran around $1.50/kg in late 2025 [17]. Margins live or die on repricing fast enough when oil-linked feedstock swings. Tire-cord supply contracts often carry raw-material adjustment clauses; commodity twine, basic fillings, and low-end decoration have almost no pricing power and compete straight against imports [4][5].
• Capacity utilization. The capital-intensive end — tire-cord plants that extrude, spin, twist, weave, and heat-set — is a throughput business: a full plant is very profitable, a half-empty one bleeds fixed cost. This is what makes 314994's tire-cord core cyclical [4].
• Machine-utilization service economics govern the contract-embroidery slice of 314999: revenue turns on run-rate per embroidery head, setup/digitizing, and turnaround, on modest capital — which keeps barriers low and commodity margins thin [5].
• Product mix / value-add is the escape hatch on both sides. Margins scale with engineering and certification content: high-modulus specialty rope (HMPE — high-modulus polyethylene, e.g. Dyneema; aramid), tire reinforcements spec'd into a customer's design, and flame-resistant/medical/filtration/defense textiles all earn well above the input-plus-labor floor. Commodity poly twine, basic fiberfill, and undifferentiated stitching sit at that floor [4][5].
• Freight is a modest natural shield for the bulky, low-density goods in 314999 (batting is expensive to ship), partially offsetting import pressure.

Public-company benchmark. Cortland International (Aimia subsidiary) provides one reference point: in 2025 it reported C$150.4 million of revenue, a 22.4% gross margin, and a 13.2% adjusted EBITDA margin. In Q4 2025, revenue fell 17.1% and adjusted EBITDA margin declined to 12.0% from 16.2% a year earlier; management attributed this to tariff-related softness in marine and shipping rope and the non-recurrence of strong North American offshore-energy projects [3]. This illustrates the operating-leverage and project-lumpiness dynamics on the rope side.

The through-line for the whole level: the price ceiling on the commodity end is set by imports, so domestic survivors move up into engineered, certified, made-in-USA product where price is not the only thing that matters.

6. What drives demand

Two largely independent demand engines, one per child:

314994 (rope/tire cord):

• Vehicle production and — more so — tire replacement, driven by miles driven and fleet size; the U.S. Tire Manufacturers Association projected 340.2 million U.S. tire shipments for 2025, with replacement shipments increasing while OE shipments declined [18]. Heavier electric vehicles (EVs) and higher-performance tires need more and better reinforcement.
• Marine and shipping, offshore energy (including offshore wind), fishing and aquaculture, defense/naval, rigging and life-safety, and agriculture (baler twine — over 600 million North American hay/silage bales a year) drive the rope/cordage side [4].
• Synthetic-to-steel substitution: HMPE and aramid systems can reduce weight by more than 80% versus steel wire in appropriate applications, a structural opportunity in marine mooring, offshore lifting, floating wind, and material handling [4].

314999 (miscellaneous):

• Furniture, mattresses, and housing turnover pull upholstery filling and batting; bedding/quilting/crafts drive fiberfill; outdoor recreation drives sleeping bags and nets [5].
• Promotional products, uniforms, and team/event spending are the engine behind contract embroidery, moving with corporate marketing budgets [6].
• Defense and aerospace — parachutes, military sleeping bags, and Berry Amendment-compliant textiles follow procurement cycles [5].
• Sustainability/recycling mandates give recovered-fiber and recycled-content products a policy and brand tailwind [5].

Shared swing factor: oil-linked petrochemical feedstock prices move the cost base of both children at once.

7. Regulation

No price regulation anywhere in this level; the rules that bite are trade, procurement, and product safety — and they hit the two children differently.

• Trade remedies and tariffs (both children, double-edged). Antidumping/countervailing duties on upstream inputs (e.g., polyester staple fiber and textured yarn from China and India) protect domestic fiber but raise converters' and cordage makers' costs, while Section 301 tariffs on finished Chinese rope, twine, and decorated goods give domestic mills some price cover. The same tariff can help a finished-goods maker and hurt a firm that imports fiber [4][5].
• Buy American / Berry Amendment (both children, a protected demand pocket). U.S. Department of Defense textile procurement — certain naval line, webbing, military sleeping bags, parachutes, and technical gear — must generally be domestically sourced under the Berry Amendment, a real advantage for U.S. makers who qualify [4][5].
• Product safety (mostly 314999). Consumer Product Safety Commission (CPSC) flammability standards for mattresses, upholstered furniture, and children's products under the Flammable Fabrics Act; state "law label" filling-disclosure laws; and the Textile Fiber Products Identification Act govern the batting, fiberfill, and sleeping-bag makers [19][20]. In 314994, life-safety and load-bearing cordage is governed by Cordage Institute/ASTM and climbing-rope (CE/UIAA) standards, and OSHA sling rules prescribe identification, inspection, rated-load, and removal-from-service requirements [21].
• Environmental/worker safety (both). OSHA fiber-dust and machine-guarding rules; OSHA's cotton-dust standard reaches cotton-waste processing and garnetting in 314999 [22]. EPA textile-coating NESHAP addresses hazardous air pollutants including formaldehyde, methanol, toluene, and solvents in cord dipping and fabric finishing [23]; EPA textile-mills effluent guidelines specifically identify tire-cord and fabric dipping among regulated wastewater-generating processes [24]. Growing scrutiny of PFAS in some coatings — EPA's TSCA Section 8(a)(7) reporting rule covers parties that manufactured or imported PFAS or PFAS-containing articles since 2011, with state product restrictions advancing faster than federal rules [25].

8. Consolidation

The two children consolidate on different logics, and the blended concentration data (CR4 20%, HHI 155) [1] hides both.

• 314994 is two-tier: a global tire-cord oligopoly bolted onto a fragmenting rope business. A short list of large producers (Kordsa, Hyosung, Kolon, Bekaert, captive Firestone, SRF, Milliken, Cordenka, Toray, Teijin) supplies the world's tire makers, with much new capacity built in Turkey and Asia; scale and OEM (original-equipment-manufacturer) qualification are the moats. The rope end, by contrast, is actively rolling up — Samson acquiring European ropemakers (e.g., Corderie Henri Lancelin in 2024), River Associates acquiring Yale Cordage in 2020 (Yale subsequently acquired Slingmax), Teufelberger acquiring New England Ropes, Bekaert and WireCo assembling multi-brand portfolios, PE ownership (Onex/WireCo, Aimia/Cortland) common — as import pressure pushes domestic players upmarket into high-performance synthetics [4]. The Aimia/Cortland 2023 acquisition provides one disclosed reference: C$26.6 million of consideration for approximately C$36.5 million of trailing revenue, roughly 7.2× trailing adjusted EBITDA [26].
• 314999 barely consolidates at all. With thousands of small shops, top-4 share of ~22.5%, top-50 share of ~54%, and no company near dominant [5], and with little scale advantage in embroidery or niche converting, the industry stays fragmented. Where consolidation does happen it is PE-led: roll-ups of promotional-products/decoration platforms and buy-and-build in defensible technical niches (medical, filtration, flame-resistant, defense) [5].

Net: the acquisition action at this level is (a) private-equity roll-ups of rope and technical-textile mills, and (b) global capacity shifts in tire cord — not domestic public-company M&A, of which there is essentially none.

9. Risks

• Import competition (both children). Low-cost imports cap commodity pricing on rope, twine, fillings, felt, sleeping bags, and low-end decoration; recent tariff escalation has not produced a domestic manufacturing rebound — U.S. textile-mill output fell in 2025 as sourcing re-routed to Vietnam, Bangladesh, India, and Mexico rather than reshoring [27][28].
• Input-cost / oil volatility (both). Polyester and nylon track oil; margins compress when feedstock spikes faster than prices can be reset [4][5].
• Cyclicality (concentrated in 314994's tire cord and in 314999's furniture/marketing exposure). A downturn empties capital-intensive tire-cord plants fast and softens furniture, housing, and corporate marketing budgets together.
• Customer concentration (314994). Tire-cord makers sell to a handful of tire OEMs — losing a qualification is material.
• Low barriers and small-scale fragility (314999). Easy entry (especially in embroidery) keeps margins thin; thin balance sheets, key-person risk, and an aging workforce add operating fragility.
• Trade-policy whiplash (both). The same tariff helps one firm and hurts another depending on where it sits in the fiber-to-finished-goods chain.
• Substitution/technology (314994) and post-pandemic craft normalization (314999). Shifts among steel/polyester/nylon/aramid reinforcement can strand tire-cord capacity; the faded DIY surge pressures batting and fiberfill volumes.
• Product liability (both). Ropes, cords, slings, parachutes, fire hose, and infant products carry elevated failure consequences relative to industry size [4][5].
• Environmental/PFAS liability and rising energy and labor costs (both).

10. How to invest and the outlook

Public route (narrow, and only into 314994). With no U.S. pure-play, public investors reach this level by buying the foreign-listed tire-reinforcement makers — Kordsa (BIST: KORDS), Hyosung Advanced Materials (KRX: 298050), Kolon (KRX: 120110), SRF (NSE: SRF), Bekaert (Brussels: BEKB), Toray (Tokyo: 3402), Teijin (Tokyo: 3401) — or the tire majors (Goodyear GT, Michelin ML, Continental CON) for the demand pull. For rope exposure, Aimia (TSX: AIM) owns Cortland International [3]. Upstream, Avient (NYSE: AVNT) owns the Dyneema HMPE business [12]. Even these are diversified companies, not clean bets on the NAICS code. The 314999 half is effectively unreachable in public markets; Culp (CULP) and Unifi (UFI) are adjacent-code proxies; TransDigm (TDG) owns Airborne Systems (parachutes) but exposure is highly diluted [5][13][14].

Private route (where the American industry actually trades). The two children offer different private plays:

• 314994: family-owned rope and specialty-cordage mills are textbook lower-middle-market buyout and roll-up targets, and PE is already active (Onex/WireCo, Samson, River Associates/Yale, Aimia/Cortland). The attractive assets are engineered, spec'd-in, certification-gated cordage with defense/marine/energy exposure and real pricing power; commodity twine mills are the value/turnaround end [4].
• 314999: this is classic entrepreneurship-through-acquisition (ETA) / search-fund territory — an embroidery/decoration business or niche converter is SBA-loan-scale, given a ~12-employee average establishment and a 550-employee small-business standard [5]. The durable profit sits in defensible niches (medical, filtration, flame-resistant, Berry-compliant defense, recycled/circular content); PE runs buy-and-build in the same niches and in promotional-products decoration [5].

Outlook (forward-looking judgment). The two children diverge here too. Tire cord should keep growing at a low-to-mid single-digit pace, supported by a record replacement-tire market (USTMA projects 340M+ tire shipments for 2025) [18] and heavier EVs that need more reinforcement, with profits swinging on plant utilization and pass-through; specialty rope has genuine structural tailwinds (offshore wind, aquaculture, naval rebuild, synthetics displacing steel wire). The miscellaneous half stays mostly flat and import-pressured on its commodity lines — reshoring rhetoric has not produced a domestic boom — with real growth only in the technical/medical/defense/recycled niches. The two swing factors to watch across the whole level are trade policy (tariffs that help or hurt depending on position in the chain) and oil-linked feedstock costs. For most investors the honest conclusion mirrors both children: 31499 is a place to own or operate a business, not a place to buy a stock.

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Sources

1. U.S. Census Bureau, 2022 Economic Census — Concentration Ratios and Selected Statistics (NAICS 31499) (receipts $6.051B; 2,213 firms; CR4 20.0%, CR8 27.7%, CR20 41.5%, CR50 57.1%; HHI 155), via Histometrics ingested federal statistics. https://data.census.gov/
2. U.S. Census Bureau, County Business Patterns 2023 (NAICS 31499) (2,365 establishments; 32,676 employees; $1.470B annual payroll; $361.9M Q1 payroll), via Histometrics ingested federal statistics. https://www.census.gov/programs-surveys/cbp.html
3. Aimia Inc., Fourth Quarter and Full Year 2025 Results, 2026 (Cortland International: C$150.4M revenue, 22.4% gross margin, 13.2% adjusted EBITDA margin; Q4 2025 revenue −17.1%, adj EBITDA margin 12.0% vs 16.2% prior year). https://www.newswire.ca/news-releases/aimia-reports-fourth-quarter-and-full-year-2025-results-882142684.html
4. Histometrics child primer, Rope, Cordage, Twine, Tire Cord, and Tire Fabric Mills (NAICS 314994), 2026 — and its underlying sources: U.S. Census 2022 Economic Census (shipments $1.887B; 106 firms; CR4 39%; HHI 607) and CBP 2023 (124 establishments; 6,176 employees; $360.7M payroll); Kordsa/Sabancı; Bekaert; Bridgestone Firestone Fibers; WireCo/Onex; Samson; Yale/River Associates; Aimia/Cortland; IndexBox U.S. twine/cordage imports; USTMA 2025 forecast; Grand View tire-cord-fabric market; NREL floating-wind mooring; OSHA sling standards; EPA textile coating and effluent rules.
5. Histometrics child primer, All Other Miscellaneous Textile Product Mills (NAICS 314999), 2026 — and its underlying sources: U.S. Census 2022 Economic Census (receipts $4.16B; 2,107 firms; CR4 22.5%, CR8 28.9%, CR20 40.8%, CR50 54.3%; HHI suppressed) and CBP 2023 (2,241 establishments; ~26,500 employees; ~$1.11B payroll); Culp Inc. FY2025 10-K; UNIFI (REPREVE/ThermaLoop); Fairfield Processing; TransDigm/Airborne Systems; Exxel Outdoors; Annin Flagmakers; Leigh Fibers; Barnet; CPSC flammability standards; WWD/Sourcing Journal on 2025 textile output.
6. IBISWorld, Commercial Embroidery Services in the US — Industry Report, 2026 (15,000+ U.S. embroidery shops). https://www.ibisworld.com/united-states/market-research-reports/commercial-embroidery-services-industry/
7. IndexBox, United States' Twine and Cordage Market Overview 2024, 2024 (U.S. imports ~79K tons in 2024; China, Portugal, Brazil leading). https://www.indexbox.io/blog/twine-and-cordage-united-states-market-overview-2024-1/
8. Tennessee Economic and Community Development, Kordsa, Inc. to Expand Manufacturing Operations in Chattanooga, 2023. https://tnecd.com/news/
9. MarketScreener, Kordsa Teknik Tekstil (BIST: KORDS) — Company Profile and Financials, 2025. https://www.marketscreener.com/quote/stock/KORDSA-TEKNIK-TEKSTIL-9938359/
10. Toray Industries, Stock Information (Tokyo: 3402). https://www.toray.com/ir/stocks/sto_007.html
11. Teijin Ltd., Stock Information (Tokyo: 3401). https://www.teijin.com/ir/stocks/data/
12. Avient Corporation, 2025 Form 10-K (Owner of Dyneema HMPE business). https://www.sec.gov/Archives/edgar/data/1122976/000112297626000039/avnt-20251231.htm
13. TransDigm Group Incorporated, Form 10-K (Fiscal 2025), Exhibit 21.1 — Subsidiaries, 2025. https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/exhibit211tdg202510-k.htm
14. TransDigm Group, Operating Units — Airborne Systems, 2025. https://www.transdigm.com/transdigm-overview/operating-units/
15. Exxel Outdoors, Facilities & Capabilities, 2025 (250,000 sq ft Alabama plant, 115 workers, 1.5M+ sleeping bags annually). https://exxel.com/facilities-capabilities/
16. Annin Flagmakers, About Us — Company History and Operations, 2025. https://annin.com/about-us/
17. ChemAnalyst, Polyester Staple Fibre (PSF) Price Trend, 2025 (U.S. ~$1.50/kg Q4 2025). https://www.chemanalyst.com/Pricing-data/polyester-staple-fiber-32
18. U.S. Tire Manufacturers Association, July 2025 Forecast — U.S. Tire Shipments, 2025 (340.2M units projected for 2025; replacement +4.4M, OE −1.4M vs. 2024). https://www.ustires.org/newsroom/ustma-july-2025-forecast
19. U.S. Consumer Product Safety Commission, Flammable Fabrics Act — Business Guidance, 2025. https://www.cpsc.gov/Business--Manufacturing/Business-Education/Business-Guidance/Flammable-Fabrics-Act
20. Federal Trade Commission, Textile Fiber Products Identification Act — Rules and Regulations, 2024. https://www.ftc.gov/legal-library/browse/rules/textile-fiber-rule
21. Occupational Safety and Health Administration, Slings Standard (29 CFR 1910.184). https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.184
22. Occupational Safety and Health Administration, Cotton Dust Standard (29 CFR 1910.1043), 2024. https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.1043
23. U.S. Environmental Protection Agency, Printing, Coating, and Dyeing of Fabrics and Other Textiles: National Emission Standards for Hazardous Air Pollutants (NESHAP). https://www.epa.gov/stationary-sources-air-pollution/printing-coating-and-dyeing-fabrics-and-other-textiles-national
24. U.S. Environmental Protection Agency, Textile Mills Effluent Guidelines (Tire-cord and fabric dipping among regulated processes). https://www.epa.gov/eg/textile-mills-effluent-guidelines
25. U.S. Environmental Protection Agency, TSCA Section 8(a)(7) Reporting and Recordkeeping Requirements for Perfluoroalkyl and Polyfluoroalkyl Substances, 2025. https://www.epa.gov/assessing-and-managing-chemicals-under-tsca/tsca-section-8a7-reporting-and-recordkeeping
26. Aimia Inc., Investor Presentation: Cortland Acquisition, July 2023 (C$26.6M consideration, ~C$36.5M trailing revenue, ~7.2× trailing adjusted EBITDA). https://www.aimia.com/wp-content/uploads/2023/07/Investor-Presentation_Cortland-Acquisition_July-2023_FINAL.pdf
27. WWD / Sourcing Journal, It Will Take More Than Tariffs to Bring Back U.S. Textile Manufacturing, 2025. https://wwd.com/sourcing-journal/industry-news/us-textile-manufacturing-tariffs-trade-ncto-cotswold-industries-mount-vernon-mills-1238937985/
28. Global Textile Times / Kearney Reshoring Index, US Manufacturing Output Falls: Imports Surge Despite Tariffs, 2025-2026. https://www.globaltextiletimes.com/news/us-manufacturing-output-dips-amidst-shifting-tariff-policies-and-persistent-asian-dominance/