Performance Fibers Acquires INVISTA Resins & Fibers GmbH's German Polyester Yarn Business; Company Continues Global Expansion, Adds Products and Enhances R&D Capabilities.RICHMOND, Va. -- An affiliate of Performance Fibers today announced that it has signed an agreement to acquire INVISTA Resins & Fibers GmbH's German polyester polyester, synthetic fiber, produced by the polymerization of the product formed when an alcohol and organic acid react. The outstanding characteristic of polyesters is their ability to resist wrinkling and to spring back into shape when creased. yarn business. Terms of the agreement were not disclosed. The acquisition, which includes both commercial and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Germany, represents the third major expansion of Performance Fibers' business in the past year and is a key component of the Company's growth strategy. In August 2005, Performance Fibers, an affiliate of Sun Capital Partners, Inc. ("Sun Capital"), the U.S.-based private investment firm, announced the acquisition of the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. business of Diolen Industrial Fibers, Inc., a leading producer of high-tenacity polyester yarns used in a wide variety of technical applications and tire reinforcement. In January 2005, Performance Fibers announced a greenfield Greenfield, town (1990 pop. 18,666), seat of Franklin co., NW Mass., at the confluence of the Deerfield and Green rivers, near their junction with the Connecticut; settled 1686, set off from Deerfield and inc. 1753. expansion of its existing manufacturing operations in China, strengthening their position as a leading supplier of industrial fibers in China. "The addition of these German operations will expand Performance Fibers' presence in Europe, add to our product portfolio and enhance our technical and research capabilities," said Greg Rogowski, President and Chief Executive Officer of Performance Fibers. "This agreement demonstrates our strong commitment to the industry and to our customers in every region of the world." The current acquisition includes three manufacturing facilities - one each in the German cities of Bad Hersfeld, Bobingen and Guben - which produce industrial fibers for sewing thread, technical textiles The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. and other industrial and specialty applications. The acquisition will enable Performance Fibers to provide customers with an expanded breadth of high-quality products, including a range of low-denier and high-denier industrial fibers for sewing thread and technical fabrics used in hoses, safety belts, webbing, slings, filtration fabrics and rope, among other end uses. Other benefits of the acquisition include enhanced R&D and technical capabilities, expanded customer service and improved flexibility of sourcing and delivery. The sale also includes associate commercial operations in Hattersheim, Germany. "We are excited to expand our European business and to add such a talented and capable group to our team," said Alex Carnevale, Vice President and Managing Director for Performance Fibers' European operations, who will lead the combined European business. "In bringing the INVISTA German fiber operations into our European group, our goal will be to give customers the best of both organizations." "Sun Capital continues to demonstrate its confidence in the strength of the Performance Fibers' management team and its strategy in every region," said Phil Dougall, Managing Director of Sun Capital Partners, Inc. "With each step taken in executing its global growth plans, Performance Fibers becomes an even more dynamic, profitable, global business leader focused on serving the current and future needs of its customers." Sun European Partners, LLP LLP - Lower Layer Protocol advised Sun Capital on this transaction. The pending acquisition is still subject to various approvals. About Performance Fibers Performance Fibers is one of the world's leading suppliers of high-tenacity polyester and a global manufacturer of other man-made industrial fibers and fabrics. With manufacturing facilities in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Asia and Europe, its products are used in a wide range of consumer and industrial applications. For more information, visit www.performancefibers.com. About Sun European Partners, LLP Sun European Partners, LLP is the European advisor to Sun Capital Partners, Inc., a leading private investment firm focused on leveraged buyouts leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. and investments in market-leading companies that can benefit from its in-house operating professionals and experience. With more than $3.5 billion of capital under management and with offices in Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London and Shenzhen, affiliates of Sun Capital Partners have acquired more than 100 companies throughout the world with consolidated sales in excess of $30 billion. For more information about Sun Capital Partners, please visit www.SunCapPart.com. |
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