A person or a company which buys grey goods and sells them as finished fabrics. A converter organizes and manages the process of finishing the fabric to a buyers' specifications, particularly the bleaching, dyeing, printing, etc.
An individual or organization which buys grey fabrics and sells them as a finished product to cutters, wholesalers, retailers, and others. The converter arranges for the finishing of the fabric, namely bleaching, mercerizing, dyeing, printing, etc., to the buyers' specifications.