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Empire Investment completes acquisition of Polyester Fibers

25
Nov '08

Empire Investment Holdings announced that its affiliate EIH Acquisitions, LLC has completed the acquisition of Polyester Fibers, LLC, a wholly-owned subsidiary of Leggett & Platt, Incorporated (“L&P”). Polyester Fibers, comprised of four operating units; Tupelo Fibers, Cumulus Fibres, Cameo Fibers and Buffalo Batt, is the largest manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, and retail marketplace. The terms of the transaction were not disclosed.

“Polyester Fibers has a rich history, and through several years of strategic acquisitions and organic growth, is the market leader within its core end markets,” said David F. Alfonso, chairman and chief executive officer of Empire Investment Holdings. “We are excited about the company's future, and the inherent ability to unlock additional value through Empire's proven operational expertise by working closely with the Fibers team, as well as its customers and vendors.”

“We appreciate Empire's thorough and flexible approach to this divestiture and believe they are the right acquirer for this business,” said David S. Haffner, president and chief executive officer of L&P.

Polyester Fibers has more than 450 employees serving thousands of customers in the United States, Canada, and Europe, with annual revenues of approximately $100 million. The acquisition includes over a million square feet of space comprised of the company's headquarters and administrative office, 9 manufacturing plants and 2 distribution centers located in New York, North Carolina, Ohio, Tennessee and Mississippi. It also holds strategic partnerships with 4 manufacturing plants located in China.

As an Empire company, Polyester Fibers will stay focused on providing the highest quality and innovation in non-woven fibers and unmatched customer service. The company will operate as 4 distinct operating units, led by its own management team. Management will announce additional details about its strategic plans, as well as launch its branding campaign during the initial transition period. With the addition of Polyester Fibers, Empire Investment Holdings portfolio is now comprised of 6 operating units, with close to 1,000 employees.

Empire Investment Holdings ("Empire") is a private investment firm focused exclusively on the acquisition and strategic management of non-core business units from the Global 2000.

Polyester Fibers is the largest and most flexible manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, craft, and seasonal markets in the United States.

Empire Investment Holdings

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