LifeStone Materials to weave fabric for PBSI & FMS
Mar '08
Senator (Ret.) Bill Campbell, Chairman of PBSI, stated “We are very pleased to have FMS and its leadership as a partner in this very important project.
We believe they share our vision and through this joint venture, will play a role in helping us become, the global leader in safety apparel and protective solutions.”
Under the terms of the joint venture agreement, PBSI and FMS will create a new subsidiary, LifeStone Materials, LLC, which will weave fabric for PBSI and FMS.
Each Company will have a 50.0% equity ownership in the new joint venture and both will contribute $250,000 as a capital contribution and $2.5 million as a loan in order to fund the venture and provide sufficient working capital.
Additionally, PBSI entered into a 36 month supply agreement to purchase a portion of its woven fabric requirements from LifeStone Materials.
Larry Ellis, President and CEO stated, “We, with FMS, have worked hard to structure a joint venture that aligns our interests and makes great business sense for both companies.
From our perspective, this vertical integration is an important step in our strategic plan to enhance and grow our current platformto meet the global demands and well into the future.
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