Performance Fibers completes INVISTA purchase
Performance Fibers announced Monday that it has completed its acquisition of INVISTA’s North America tire cord and polyester industrial filament businesses, including four plants in the U.S. and Mexico that manufacture industrial polyester, Nylon-6 and tire cord fabric. Terms of the purchase were not disclosed.The purchase includes the INVISTA plant in Salisbury, as well as those in Shelby, Winnsboro, S.C., and parts of the company’s Querétaro, Mexico, site, a company press release said.
With the acquisition, the Richmond, VA.-based Performance Fibers increases its global operations to 12 plants in North America, Asia and Europe. The company has an estimated $1 billion in sales and approximately 4,000 employees worldwide.
“This acquisition strengthens Performance Fibers’ regional footprint in North America and is a gateway for us to grow in South America,” said Greg Rogowski, the company’s president and chief executive officer. “Combining the assets we have purchased from INVISTA with our current offerings broadens our product portfolio in segments we have identified as growth areas.”
The Company’s fibers, fabrics and sewing threads are used in a wide range of industries including energy, environment, architectural design, transportation, safety and security, and specialty segments for such uses as reinforcement of tires, belting and hoses, geotextiles, technical fabrics and offshore mooring ropes.