Performance fibers intend to buy polyester yarn business
28 Mar '06
2 min read
Affiliate of world's leading sellers of high-tenacity polyester fibers and fabrics, Performance Fibers Holdings Inc announced that it has signed a letter of intent to acquire INVISTA Resins & Fibers GmbH's German polyester yarn business. The acquisition would include both commercial and manufacturing operations in Germany.
It is expected that the definitive purchase agreement will be signed in the coming weeks. Terms of the agreement were not disclosed.
This acquisition would represent the third major expansion of the Performance Fibers' business in the past year and is a key component of the Company's growth strategy.
In August, 2005, Performance Fibers, an affiliate of Sun Capital Partners Inc ("Sun Capital"), the U.S.-based private investment firm, announced the acquisition of the North American business of Diolen Industrial Fibers Inc, a leading producer of high-tenacity polyester yarns used in a wide variety of technical applications and tire reinforcement, and in January 2005, announced a greenfield expansion of its existing manufacturing operations in China, strengthening Performance Fibers' position as a leading supplier of industrial fibers in China.
Sun European Partners, LLP advised Sun Capital on this transaction.
Performance Fibers is one of the world's leading suppliers of high-tenacity polyester fibers and fabrics. With manufacturing facilities in North America, Asia and Europe, its products are used in a wide range of consumer and industrial applications.
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