WILMINGTON, N.C. — September 29, 2017 — PolyQuest and Straterra Holdings announced today the formation of Fiber Innovators International LLC — a joint venture between the respective companies — that has acquired the former DuraFiber Technologies facility in Grover, N.C.
The facility produces medium and high tenacity industrial polyester filament threads used in a myriad of high quality applications in North America. PolyQuest, the largest virgin PET resin distributor and one of the fastest growing PET recyclers in the United States, is excited about the joint venture with Straterra Holdings. Straterra is comprised of former key executives of DuraFiber Technologies.
Fiber Innovators International’s Grover facility has a long history of manufacturing high quality polyester filament and is the only remaining facility in the US making unique filament for certain technical applications. The Grover plant’s filament capacity is used to supply both domestic and international customers.
The investment by PolyQuest and Straterra will provide stability and supply continuity to the existing customer base as well as long term employees at the Grover facility. “We are pleased that we have been able to consummate this deal with Straterra Holdings and plan for additional investments in Grover” says John Marinelli, CEO of PolyQuest. “Strategic customer relationships and retention of our excellent employees are two of the primary keys at Grover. We will be able to secure many manufacturing positions at the Grover facility in Cleveland county. Our workforce has the skills and talent to produce highly engineered filament that has been and will remain a standard in the industry. We plan to support the growing technical needs of our key accounts for many years.”
Posted September 29, 2017