HUNTERSVILLE, N.C.,
Dec. 7, 2014 /PRNewswire/
-- Performance Fibers, one of the world's leading producers of
industrial polyester fibers and fabrics, today announced that it
has signed a definitive agreement to sell its Asia operations to Indorama Ventures PCL
("IVL"), one of the world's foremost petrochemical producers.
Financial terms of the agreement, expected to close in the next few
months, were not disclosed.
Earlier this year, Performance Fibers announced the launch of a
major business transformation effort that included footprint
rationalization in North America,
modernization of equipment in both North American and Europe, step-change improvements in product
quality, and the creation of a product development center of
excellence.
"The sale of our Asia
operations fits well with and enhances our consolidation of
resources to focus on our core business and accelerate our
corporate transformation initiatives," said Wahid Tawfik, Chief Executive Officer – Americas
& Europe. "The sale will
further strengthen our financial position and, more importantly,
accelerates our modernization, quality and innovation
investments."
The sale will have no operational impact on Performance Fibers'
Americas and Europe business,
which will continue to operate as a combined entity.
About Performance Fibers
For nearly a century,
Performance Fibers has been at the forefront of the industrial
fibers and fabrics industry, developing next-generation
technologies and products used in a wide variety of industrial and
consumer applications, from tires and offshore mooring ropes to
seat belts and sewing thread. The Company serves some of the
world's largest and most critical industries including energy,
transportation and safety. For more information, visit
www.performancefibers.com.
About Indorama Ventures
Indorama Ventures
Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB) is one of
the world's leading petrochemicals producers, with a global
manufacturing footprint across Africa, Asia,
Europe and North America. The company's portfolio is
comprised of Necessities and High Value-Added (HVA) categories of
Polymers, Fibers, and Packaging and is based on selectively
self-manufactured Ethylene Oxide/Glycols and PTA where economical.
Its products serve major players in consumer products, i.e.
Beverages, Hygiene, Personal Care and Safety segments. IVL has
13,000 employees worldwide and consolidated revenue of US$ 7.5 billion in 2013.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/performance-fibers-signs-definitive-agreement-to-sell-asia-operations-300005919.html
SOURCE Performance Fibers