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Lenzing sells Dolan GmbH & 91.1% stake in European Carbon

17 Apr '15

2 min read

Austrian speciality cellulose fibres producer, The Lenzing Group said it has sold its fully owned German subsidiary Dolan GmbH and also its 91.1 per cent stake in European Carbon Fiber GmbH.

According to a Lenzing press release, the companies have been acquired by WHEB Partners’ Growth Fund 2 of England and Jan Verdenhalven and the agreement was concluded on April 15, 2015.

Dolan manufactures high quality specialty fibres on an acrylic basis which are used for textiles, convertible car tops, as sunshades, for garden furniture and protective clothing.

Dolan is one of the major suppliers of convertible car tops in Europe and employs a workforce of about 100 employees, generating revenue of €57.5 million in 2014.

European Carbon Fiber GmbH is a joint venture with Kelheim Fibres GmbH which manufactures precursors for the carbon fibre industry and achieved annual revenue of €10.4 million in 2014.

“The sale comprises part of Lenzing’s strategy to focus on its core business of man-made cellulose fibres,” Lenzing’s chief financial officer Thomas Riegler said.

“With WHEB and Jan Verdenhalven, Lenzing succeeded in finding financially strong, industry-oriented new owners in which both companies will be able to develop more effectively in the future,” he added.

“Moreover, it is important for European Carbon Fiber that WHEB and Jan Verdenhalven already have longstanding industrial experience in the carbon fibre business,” Riegler noted. (AR)

Fibre2fashion News Desk - India