COLONIAL HEIGHTS, VA — Sun Capital Partners, Inc. announced Dec. 22 the completion by one of its affiliates of the purchase of Honeywell International Inc.’s Performance Fibers business unit.
The new business, Performance Fibers, is a global leader in high-performance industrial fibers and related materials, with operations in the United States., France, Korea and China.
“We are excited about the future of this business and the many growth opportunities we see in the global market for industrial fibers and related technologies,” said Greg Rogowski, president and chief executive officer, Performance Fibers. “We plan to continue our leadership in this industry and to grow by providing our customers with the technology innovation they require and the quality and reliability they expect.”
M. Steven Liff, principal at Sun Capital Partners, Inc., that which is acquiring the Performance Fibers business, added, “Performance Fibers is a global leader, and by combining our business expertise at Sun Capital with the strengths of Greg Rogowski and his management team, we expect to enhance Performance Fibers’ position in its market niche. Through our investment, the company will be able to take advantage of numerous opportunities that will strengthen its core competencies.”
Sun Capital Partners, Inc. is a leading private investment firm specializing in leveraged buyouts and turnarounds of market-leading companies.
Performance Fibers has retained its leadership team and will continue operations at all of its plants, which include Moncure, NC; Longlaville, France; and joint venture operations in South Korea and Kaiping, China.
“Customers can expect us to build on our legacy as solutions providers and to continue to provide advanced materials that can replace more costly and less efficient materials,” said Jeff Shugart, global marketing manager of Performance Fibers.
The sales agreement was announced on Nov. 3. Terms of the transaction were not disclosed.
Performance Fibers is a supplier of high-tenacity polyester and a manufacturer of other manmade industrial fibers. With manufacturing facilities in North America, Asia and Europe, its products are used in a wide range of consumer and industrial applications.
