Richmond Virginia - An affiliate of Performance Fibers said it has agreed to buy Invista Resins & Fibers GmbH's German polyester yarn business. Terms of the agreement were not disclosed. Invista was previously the DuPont fibres business and Invista is owned by Koch Industries.
Invista's polyester yarn business is mostlly in general fibres and yarns for knitting and weaving applications, rather than tyre cord. The unit makes some technical yarns used to reinforce hoses, safety belts, webbing, slings, filtration fabrics and rope, among other end uses.
Even so, this is the third major expansion of Performance Fibers' business in the past year. In August 2005, Performance Fibers, an affiliate of Sun Capital Partners, Inc. the US-based private investment firm, announced the acquisition of the North American business of Diolen Industrial Fibers, Inc., a leading producer of PET tyre cord. In January 2005, Performance Fibers announced a greenfield expansion of its existing manufacturing operations in China, strengthening its position as a leading supplier of industrial fibres in China.
The current acquisition includes three manufacturing facilities - one each in the German cities of Bad Hersfeld, Bobingen and Guben - which produce industrial fibres for sewing thread, technical textiles and other industrial and speciality applications. The sale also includes associate commercial operations in Hattersheim, Germany.
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Press release from Performance Fibers