ERJ staff report (DS)
Richmond, Virginia -- Performance Fibers Holdings, Inc. will, through a subsidiary, buy the North America tyre cord and polyester industrial filament businesses of Invista S.a r. l. and its affiliates.
Included in the sale are manufacturing facilities in Salisbury, North Carolina, Shelby, North Carolina and Winnsboro, South Carolina; as well as industrial polyester, industrial nylon 6, and tyre cord fabric-producing assets currently operating inside Invista's Queretaro, Mexico site. The purchase agreement was signed on Nov. 30, 2007. Terms of the agreement were not disclosed.
Affected operations include the manufacturing of industrial polyester and nylon 6 fibers for use in a wide range of end uses such as tyres, power transmission and conveyor belts, sewing thread, auto safety, rope, cordage, netting and fabrics for tyres.
Invista Queretaro's PET Resin business and its contract manufacturing operations for fine denier staple are not included in the agreement.
"This planned acquisition will enable us to offer a broader range of fibres and fabrics in the Americas and provide customers in this region with a local supply source, while strengthening our global product portfolio and enhancing our research and development capabilities," said Greg Rogowski, president and chief executive officer of Performance Fibers. "It is consistent with our strategic growth plan to focus on key segments and emphasises our ongoing commitment to business in North America."
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Press release from Invista
Press release from Performance Fibers