An affiliate of Performance Fibers today announced that
it has acquired INVISTA Resins & Fibers GmbH's German polyester yarn
business. Terms of the sale were not disclosed.
The acquisition, which includes both commercial and manufacturing
operations in Germany, represents the third major expansion of
Performance Fibers' business in the past year. Performance Fibers, an
affiliate of Sun Capital Partners, Inc., is one of the world's leading
suppliers of high-tenacity polyester and 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.
"The purchase of these German operations is part of our overall
growth strategy," said Greg Rogowski, President and Chief Executive
Officer of Performance Fibers. "We are continuing to build on our
global platform to provide superior manufacturing, research and
development, and sales and marketing to our customers in every region
of the world."
The acquisition includes three manufacturing facilities - one each
in the German cities of Bad Hersfeld, Bobingen and Guben - which
produce industrial fibers for sewing thread, technical textiles and
other industrial and specialty applications. The acquisition will
enable Performance Fibers to provide customers with an expanded
breadth of high-quality products, including a range of low-denier and
high-denier industrial fibers for sewing thread and technical fabrics
used in hoses, safety belts, webbing, slings, filtration fabrics and
rope, among other end uses.
Other benefits of the acquisition include enhanced R&D and
technical capabilities, expanded customer service and improved
flexibility of sourcing and delivery. Two of the manufacturing sites
have research & development operations and the sale also includes
associated commercial operations in Hattersheim, Germany, providing an
additional sales and customer service team. The addition of the German
facilities brings Performance Fibers' total employee count to
approximately 2,800.
"The integration of the German activities is underway," said Alex
Carnevale, Vice President and Managing Director for Performance
Fibers' European operations. "We are already providing our new and
existing customers with an expanded product portfolio and working on
additional ways to maximize our new capabilities." The overall
integration team is headed up by Marc Sicre.
"We are proud to be part of an industry-leading company and look
forward to contributing to Performance Fibers' success," said Klaus
Schulte-Goecking who is leading the integration team for the former
INVISTA business along with Uwe Rexroth, who is in charge of the
commercial team.
Sun European Partners, LLP advised Sun Capital on this
transaction.
About Performance Fibers
Performance Fibers is one of the world's leading suppliers of
high-tenacity polyester and 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. For more information, visit
www.performancefibers.com.
About Sun European Partners, LLP
Sun European Partners, LLP is the European advisor to Sun Capital
Partners, Inc., a leading U.S.-based investment firm focused on
leveraged buyouts, equity, debt, and other investments in
market-leading companies that can benefit from its in-house operating
professionals and experience. Sun Capital affiliates have invested and
managed more than 125 companies worldwide since Sun Capital's
inception in 1995 in the Unites States, with combined sales in excess
of USD 30.0 billion.
