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12 Mar 2008  - 

Performance Fibers purchases some of Invista's assets

Performance Fibers announced on March 10 it has completed its acquisition of Invista’s North America tire cord and polyester industrial filament businesses including four plants in the U.S. and Mexico that manufacture industrial polyester, Nylon-6 and tire cord fabric. Terms of the purchase were not disclosed.

The purchase includes manufacturing facilities in Salisbury, North Carolina; Shelby, North Carolina; and Winnsboro, South Carolina; as well as the industrial polyester, industrial Nylon-6, and tire cord fabric-producing assets currently operating inside Invista’s Querétaro, Mexico site. Invista Querétaro’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.”

About Performance Fibers
Performance Fibers is a leading global supplier of high-tenacity polyester fibers, Nylon-6, engineered fabrics, sewing thread fibers and advanced materials. With manufacturing facilities in North America, Asia and Europe, its products are used in a wide range of consumer and industrial applications. Performance Fibers is owned by Performance Fibers Holdings, Inc., an affiliate of Sun Capital Partners, Inc.

About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private 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 in and managed more than 185 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, and affiliates with offices in London, Tokyo, and Shenzhen

About Invista
Invista is an integrated fibers and polymers business with a global presence. It operates four major businesses: Apparel; Intermediates; Performance Surfaces and Materials; and Polymer and Resins.

Source : Invista