The purchase includes manufacturing facilities in Salisbury, N.C.; Shelby, N.C.; and Winnsboro, S.C.; as well as the industrial polyester, industrial Nylon-6, and tire cord fabric-producing assets currently operating inside INVISTA’s Quer/taro, Mexico site. INVISTA Quer/taro’s PET Resin business and its manufacturing operations for fine denier staple were not part of the sale.
With the acquisition, the Richmond, VA.-based company increases its global manufacturing to 12 plants located in North America, Asia and Europe; an estimated $1 billion in sales; and approximately 4,000 employees worldwide. The Company also adds Nylon-6 fibers used to reinforce larger tires to its core polyester offerings, and increases its range of industrial polyester sewing thread fibers and other polyester products.
“This acquisition strengthens Performance Fibers’ regional footprint in North America and is a gateway for us to grow in South America,” said Greg Rogowski, president and CEO. “Combining the assets we have purchased from INVISTA with our current offerings broadens our product portfolio in segments we have identified as growth areas.”
The Company’s fibers, fabrics and sewing threads are used in a wide range of industries including energy, environment, architectural design, transportation, lifestyles and leisure, safety and security, and specialty segments for such uses as reinforcement of tires, belting and hoses, geotextiles, technical fabrics and offshore mooring ropes.
“This acquisition reinforces our commitment to doing business with these industries in North America as a flexible and agile global supplier that can quickly respond to regional customer needs,” said Fred Indermaur, vice president and general manager for the Americas. “It also brings us new and expanded technology capabilities that will enable us to continue to deliver products that meet our customers’ highly technical requirements.”
Performance Fibers has been pursuing a growth strategy since it became an affiliate of Sun Capital Partners, Inc. in December 2004 with strategic acquisitions, investments and expansions in North America, Asia and Europe. The Company also purchased INVISTA Resins and Fibers GmbH’s German polyester yarn business in August 2006.
“This latest acquisition in North America, along with recent expansions in Europe and Asia, confirms Performance Fibers’ position as a high-growth industry leader,” said Kevin Feinblum, Principal, Sun Capital Partners, Inc. “Sun Capital, along with the management team of Performance Fibers, will continue to pursue opportunities to increase the value of the business for all stakeholders.”