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The company announced the sale of the Huntingdon business unit to Stonewood Capital Management, a Pittsburgh-based private equity group. The business unit, now doing business as Huntingdon Fiberglass Products, LLC (HFP), consists of the continuous filament mat (CFM) business and CFM plant and facilities located in Huntingdon, PA.
“We are delighted to announce the agreement with Stonewood Capital to purchase our Huntingdon business unit,” said Drew Walker, President and CEO of AGY. “We see this sale as a critical step in successfully implementing our business strategy. These actions allow us to concentrate more intently on our fine glass fiber yarns and S-2 Glass products, and provide to our customers, high quality advanced materials that are made in America.” Kenn Moritz, President of Stonewood Capital, added, "Stonewood is pleased to announce the closing of this transaction and is ready to support HFP’s growth.” Moritz stated that “it is gratifying to invest in a Pennsylvania business and retain and grow employment in the Commonwealth." Since acquiring the Huntingdon Pennsylvania plant in 2007, which makes up the CFM business including the wound products and conductive roving business, AGY has profitably produced the unique glass fiber product used in the production of electrical insulation panels, pultruded shapes for industrial products, energy market products for power generation and oil rig safety, and composite parts for automotive interiors.While the CFM product line and its customer base are no longer core to AGY’s strategic business plan for the future, AGY has every confidence that it is poised for growth. “AGY CFM is a solid business,” said Walker. “We believe the business will benefit from being owned by a company aligned with its objectives.”More information: www.agy.com