Performance Fibers buys out Chunhui's minority share
11 Oct '05
2 min read
Advanced fibers and technologies provider Multi-national group Performance Fibers announced that its Asian subsidiary has signed an agreement that will give it full ownership of the company's operations in Kaiping, China.
The subsidiary, Performance Fibers Asia LLC (PFA), has signed an agreement with Guangdong Kaiping Chunhui Co Ltd (Chunhui) to acquire Chunhui's 30 percent equity share in Performance Fibers Kaiping Company Limited (PFK).
PFK is a joint venture owned by PFA (70 percent) and Chunhui. Chunhui acquired the 30 percent equity share earlier this year from Guangdong Kaiping Polyester Enterprise Group (KPE), which had been the minority JV partner since 1996. PFA will become the 100 percent owner of PFK after the transaction is completed in December 2005.
Greg Rogowski, President and CEO of Performance Fibers stated that this acquisition, coupled with the recently announced expansion in their PFK operations and the purchase of Diolen's North American fiber and fabric conversion operations, demonstrates Performance Fibers' world-wide commitment to meeting their customers' needs and strengthening their position in the industrial fibers industry.
Performance Fibers and Performance Fibers Asia are affiliates of Sun Capital Partners, Inc.
Leading polyester and specialty fibers sourcing firm Performance Fibers is a global manufacturer of other man-made industrial 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. Formed in December 2004, the business was formerly part of Honeywell International.
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