WEST BRIDGEWATER, Mass. — June 28, 2018 — Shawmut Corp., a developer of high-performance composites, and Glen Raven Technical Fabrics (GRTF), a global provider of innovative technical fabric solutions, announced today that the companies have agreed to terms to merge GRTF’s automotive headliner and specialty industrial fabrics business into Shawmut.
The transaction is a logical evolution for Shawmut and GRTF, a division of Glen Raven Inc., whose 18-year strategic relationship has redefined standards for quality and technical support in the industry and earned them an undisputed NAFTA market leadership position. The merger will fully integrate Shawmut’s market-leading composite development capabilities and global lamination platform with Glen Raven’s world-class specialty industrial fabrics operation.
The newly merged organization will be majority-owned by Shawmut, with Glen Raven as the minority owner. Shawmut CEO James Wyner will lead the new organization, which will be jointly governed by a three-member Board of Managers. Harold Hill, president of GRTF, will serve as Glen Raven’s representative on the Board.
“We are very excited about this next phase of our relationship with our long-time partners at Glen Raven,” Wyner said. “Joining our automotive headliner operations into a single company will unlock the next level of synergies, support continued aggressive technology investment, streamline the global fabric innovation and development process, and reinforce Shawmut’s position as the undisputed market leader in automotive headliner fabrics.”
“The combination of these two industry leaders is powerful,” Hill said. “It brings together two highly-talented organizations with complementary skills and compatible cultures. We are both values-driven companies with an unwavering dedication to our associates, as well as a commitment to excellence. I’m excited by the opportunities this merger will create for both organizations, and for the associates who will have the chance to become part of this new venture.”
The combined entity will include all Shawmut locations together with Glen Raven’s Park Avenue manufacturing operation and its associated specialty industrial fabric product lines. Those products include fabrics for automotive headliner, ultra-lightweight camouflage and netting systems, military apparel and filtration applications. The resulting business will employ nearly 700 people in six different countries, with production facilities in the U.S., Mexico, Czech Republic and China, and commercial and technical support offices in the U.S., Germany, China and Japan. The transaction is expected to close mid-summer.
Posted June 28, 2018
Source: Shawmut Corp.