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Lenzing acquires US monofilament plastics producer
24 May '07
1 min read
The Lenzing Group acquired the majority of the assets of US monofilament plastics producer Glassmaster through its subsidiary Lenzing Plastics GmbH. The company had been on offer after Chapter 11 proceedings.
Lenzing Plastics will continue Glassmaster's monofilament business at its present location at Lexington/South Carolina. The company produces cut plastic filaments for synthetic brushes, bristles and fabrics for industry and commerce.
Sales of 7 to 8 million US dollars are expected. The company's main markets are the USA, Europe and Asia. Lenzing will continue operations with only part of the current staff.
Thomas Fahnemann, chairman of the Lenzing management board, reasons: "The acquisition of Glassmaster is another building block in Lenzing Plastics' expansion strategy. The product portfolio of Glassmaster is the optimum extension of our recent takeover of the Hahl Group, whose emphasis is on the production of industrial synthetic brushes as well."
Glassmaster, renamed Hahl Inc, will form the basis of the entire US business of Lenzing Plastics. By this acquisition Lenzing Plastics will secure an interesting customer base and a production site in the US dollar zone a competitive advantage that will become more and more important for the continuation of the company's growth strategy.
Lenzing Plastics will continue Glassmaster's monofilament business at its present location at Lexington/South Carolina. The company produces cut plastic filaments for synthetic brushes, bristles and fabrics for industry and commerce.
Sales of 7 to 8 million US dollars are expected. The company's main markets are the USA, Europe and Asia. Lenzing will continue operations with only part of the current staff.
Thomas Fahnemann, chairman of the Lenzing management board, reasons: "The acquisition of Glassmaster is another building block in Lenzing Plastics' expansion strategy. The product portfolio of Glassmaster is the optimum extension of our recent takeover of the Hahl Group, whose emphasis is on the production of industrial synthetic brushes as well."
Glassmaster, renamed Hahl Inc, will form the basis of the entire US business of Lenzing Plastics. By this acquisition Lenzing Plastics will secure an interesting customer base and a production site in the US dollar zone a competitive advantage that will become more and more important for the continuation of the company's growth strategy.
Lenzing Group
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