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Performance Fibers buys two plants in North America
11
Mar '08
Performance Fibers announced 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, N.C; Shelby, N.C; and Winnsboro, S.C.; 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.

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