Fiber Innovators International Acquires DuraFiber’s Shelby Plant; Management Buyout In Germany

The former “Shelby” DuraFiber Technologies plant in Grover, N.C., has been purchased by Fiber Innovators International LLC, a joint venture between Wilmington, N.C.-based PolyQuest Inc. and Straterra Holdings — a company comprised of key DuraFiber executives. The facility manufactures medium- and high-tenacity industrial polyester filament including some unique filaments for technical applications, and supplies both domestic and global customers.

“We are pleased that we have been able to consummate this deal with Straterra Holdings and plan for additional investments in Grover,” said John Marinelli, CEO, PolyQuest. “Strategic customer relationships and retention of our excellent employees are two of the primary keys at Grover. Our workforce has the skills and talent to produce a 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.”

In related news, Germany-based DuraFiber Technologies GmbH now operates as a stand-alone company after a management buyout in collaboration with a strategic investor. A new parent company has been formed, and a name change will be announced in the near future. The plant produces high-tenacity multifilament yarns including polyethylene terephalate, polyetheretherketone, polyphenylene sulfide and polybutylene terephalate for a wide variety of specialty applications requiring high strength.

DuraFiber Technologies, headquartered in Huntersville, N.C., closed its remaining two U.S. operations in Salisbury, N.C., and Winnsboro, S.C., and filed for Chapter 7 bankruptcy with the U.S. Bankruptcy Court in Delaware.

November/December 2017