Cotton gin inventor sells to New York firm for $1 billion

NEW YORK (AP) An inventor of cotton gin who created the iconic pajama fabric said he sold his stake in a clothing manufacturer to New Yorkers Cotton Gin for $6.5 billion.

The billionaire, who was a billionaire in his day, said he plans to use his $7.5 million stake in the company to fund the company’s expansion, including expanding manufacturing capacity to meet demand.

Cotton gin was founded in 1869 by a former Confederate general who built his business on cotton and gin.

The company expanded quickly and is now a $8 billion global business with more than 5,000 factories in 47 countries.