Performance Fibers Signs Agreement to Purchase North America Tire Cord and Polyester Industrial Filament Assets from INVISTA



    Acquisition Would Expand Portfolio with Industrial Polyester Sewing
Thread Fiber and Nylon 6 Fibers and Fabrics

    RICHMOND, VA., December 3 /CNW/ - An affiliate of Performance Fibers
Holdings, Inc. ("Performance Fibers") announced that it has signed a
definitive agreement to acquire the North America tire cord and polyester
industrial filament businesses of INVISTA S.a r. l. and its affiliates
("INVISTA"). Included in the sale are manufacturing facilities in Salisbury,
N.C., Shelby, N.C. and Winnsboro, S.C.; as well as industrial polyester,
industrial nylon 6, and tire cord fabric-producing assets currently operating
inside INVISTA's Queretaro, Mexico site. The purchase agreement was signed on
Nov. 30, 2007. Terms of the agreement were not disclosed.

    Affected operations include the manufacturing of industrial polyester and
nylon 6 fibers for use in a wide range of end uses such as tires, power
transmission and conveyor belts, sewing thread, auto safety, rope, cordage,
netting and fabrics for tires. INVISTA Queretaro's PET Resin business and its
contract manufacturing operations for fine denier staple are not included in
the agreement.

    Many of the products to be acquired are complementary with Performance
Fibers' offerings of high-tenacity polyester used in a wide range of segments
including energy, environment, architectural design, transportation,
lifestyles and leisure, safety and security, and specialty. The purchase would
expand Performance Fibers' core polyester offerings with additional industrial
polyester sewing thread fibers, and add nylon 6 fibers and fabrics.

    "This planned acquisition will enable us to offer a broader range of
fibers and fabrics in the Americas and provide customers in this region with a
local supply source, while strengthening our global product portfolio and
enhancing our research and development capabilities," said Greg Rogowski,
president and chief executive officer of Performance Fibers. "It is consistent
with our strategic growth plan to focus on key segments and emphasizes our
ongoing commitment to business in North America."

    "Since Performance Fibers became an affiliate of Sun Capital Partners in
2004, we have worked closely with the management team to aggressively expand
the business through strategic acquisitions and investments," said Kevin
Feinblum, Principal, Sun Capital Partners, Inc. "This acquisition reflects Sun
Capital's continuing commitment to grow Performance Fibers' business in North
America, Asia and Europe, and enhances the company's ability to compete in the
global marketplace."

    Performance Fibers, an affiliate of Sun Capital Partners, Inc., acquired
INVISTA Resins and Fibers GmbH's German polyester yarn business in August
2006. The sale included manufacturing facilities in Bad Hersfeld, Bobingen,
and Guben, Germany.

    Following the planned acquisition, which is expected to be finalized in
the next several months, Performance Fibers will employ over 4,000 worldwide.

    About Performance Fibers

    Performance Fibers is a leading global supplier of high-tenacity
polyester fibers, engineered fabrics, sewing thread fibers and advanced
materials. With manufacturing facili-ties in North America, Asia and Europe,
its products are used in a wide range of consumer and industrial applications.
Performance Fibers is owned by Performance Fibers Holdings, Inc., an affiliate
of Sun Capital Partners, Inc. For more information, visit
www.performancefibers.com.

    About Sun Capital Partners, Inc.

    Sun Capital Partners, Inc. is a leading private investment firm focused
on leveraged buyouts, equity, debt, and other investments in market-leading
companies that can benefit from its in-house operating professionals and
experience. Sun Capital affiliates have invested in and managed more than 170
companies worldwide with combined sales in excess of $35.0 billion since Sun
Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los
Angeles, and New York, and affiliates with offices in London, Tokyo, and
Shenzhen. For more information, visit www.suncappart.com.

    About INVISTA

    INVISTA is an integrated fibers and polymers business with a global
presence. It operates four major businesses: Apparel; Intermediates;
Performance Surfaces and Materials; and Polymer and Resins. More information
on INVISTA can be found at www.INVISTA.com.




For further information:

For further information: JMC Marketing Communications & PR Sandy
Frinton, 845-454-3895 sandy@mallen.com

Organization Profile

PERFORMANCE FIBERS

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890