Performance Fibers Acquires North American Business of Diolen Industrial Fibers
JMC Marketing Communications & PR
COLONIAL HEIGHTS, Va., August 17, 2005 - Performance Fibers Holdings, Inc., an affiliate of Sun Capital Partners, Inc., announced today that it has acquired the North American business of Diolen Industrial Fibers, Inc.
The acquisition is a key element of Performance Fibers’ global growth strategy and will serve to increase the company’s capacity and distribution of industrial fibers in North America as well as add fabric capability to the North American portfolio.
"The uniting of these two businesses will offer an expansion of high quality products and technology to our customers," said Greg Rogowski, President and Chief Executive Officer of Performance Fibers.
"We are committed to growing our business for the continued success of our customers," Rogowski said. "Our technology leadership and investments will allow for continuous improvement of our products, ease the development of new products and applications, and support continuous R&D investment in this growing marketplace."
The North American business of Diolen Industrial Fibers, Inc. is headquartered in Scottsboro, Ala. where the company has produced high-tenacity polyester yarns since the early 1970s. It also maintains a fabric converting facility in Winfield, Ala
"Performance Fibers is a leader in the global marketplace and has demonstrated its commitment to investment in North America with this acquisition," said Lowell Bivens, former President and General Manager of Diolen Industrial Fibers, Inc.
"The combination of Performance Fibers’ business experience and Diolen’s technological capabilities will create a strategic alliance to help customers meet challenges and solve problems," Rogoswki said. "With a global presence, technological strength and mastery in the fibers and fabric business, the company has positioned itself for tremendous growth in the future."
"We are anxious to leverage the talented management team at Performance Fibers," said Matthew Garff, Vice President at Sun Capital Partners, Inc. "The management team has worked hard to grow the business by meeting the needs of their customers and working well with their vendors. We expect that this same level of diligence will be applied to customers and vendors of Diolen, allowing the combined busine ss to grow and prosper."
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, Asia and Europe, its products are used in a wide range of consumer and industrial applications. Formed in December 2004, the business was formerly part of Honeywell International. For more information, visit www.performancefibers.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on identifying leveraged buyout and investment opportunities in market-leading companies that can benefit from the expertise and experience of Sun Capital’s in-house operating professionals. Sun Capital Partners, Inc. has offices in Boca Raton, Los Angeles, New York, and London. With more than $2.5 billion of capital under management, affiliates of Sun Capital Partners, Inc. have acquired more than 90 companies throughout the world with consolidated sales in excess of $20.0 billion. For more information about Sun Capital Partners, Inc., please visit www.SunCapPart.com The 44th International Man-Made Fibres Congress will be held in Dornbirn (Austria), under the sponsorship of AFMA and CIRFS, on September 21 to 23. It is the European equivalent of the China International Man-made Fibers Conference, and has a strong concentration on technological developments in man-made fibers.