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Phillips considering sale of Phillips Fibers subsidiary.

In a surprise move last month, Phillips Corporation has revealed it is considering the sale of its Phillips Fibers subsidiary, located in Greenville, SC. The company is currently - with the assistance of Morgan Stanley - Exploring its options with regards to the Fibers Division, ostensibly to decide whether to sell or retain the subsidiary. According to a company spokesperson, while there has been no official public announcement, the parent company would sell if it got the right offer. The Fibers Division includes needlepunched geotextile producer Phillips Fibers, the 16th largest roll goods manufacturer in the world.
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Title Annotation:Phillips Corp.
Publication:Nonwovens Industry
Date:May 1, 1993
Words:95
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