Performance Fibers Continues Aggressive Growth
Acquisition of German Polyester Yarn Business Expands European Presence
Richmond, VA - 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.
SOURCE: Performance Fibers