KoSa Takes 'Next Step In Growth' With Purchase Of Canadian Polyester Plant
KoSa, Charlotte, N.C. has announced
that it has signed an asset purchase agreement to acquire Celanese AG's polyester operations in
Millhaven, Ontario, Canada.
According to the company, the transaction is valued at approximately $162 million.
"The Millhaven acquisition is the next step in our vision of growth for KoSa," said Issac Saba, KoSa chairman. "It enables us to strengthen our global synergies and bring significant value to our worldwide operations especially in North America."
Pedro Haas, CEO, KoSa, said: "Establishing a presence in Canada will maximize KoSa's production and marketing potential in North America. We're pleased with this acquisition and look forward to being the most responsive polyester supplier to our growing Canadian customer base."
In other news, KoSa announced plans to invest up to $135 million over the next three to five years at its Shelby, N.C. facility.
This investment will renew manufacturing technology and expand textile filament capacity.
"The Shelby investment will enable our Textile Filament business to develop new innovative fibers, expand our specialty product portfolio and continue to meet our customers' needs into the next decade," said Eduardo Rocha, vice president and general manager, Textile Filaments.
"These iniatives once again demonstrate KoSa's commitment to the U.S. fiber market and in particular, to its Shelby operations."
When completed, the renovation will result in a 25-percent capacity increase.