US equity firm completes sale of FiberVisions to Thai Indorama
10 January 2012 15:33 [Source: ICIS news]
HOUSTON (ICIS)--?xml:namespace>US private equity firm Snow Phipps has completed the sale of mono- and bi-component fibre producer FiberVisions to Thailand-based polyester major Indorama for an undisclosed sum, it said on Tuesday.
Snow Phipps closed the sale on 6 January. Indorama had first disclosed the deal on 4 January.
Snow Phipps purchased a controlling interest in FiberVisions from Hercules in 2006 and subsequently acquired a 100% interest in the company.
FiberVisions, based in Duluth, Georgia, has a total global production capacity of 221,000 tonnes/year of specialties, with 117,000 tonnes/year being produced in the US, 90,000 tonnes/year in Europe and 14,000 tonnes/year in China.
The products made by FiberVisions and its subsidiaries are utilised in non-woven industries and used for various applications in hygiene, wipes, construction, automotive and textile sectors.
Additional reporting by Franco CapaldoBy: Stefan Baumgarten+1 713 525 2653
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