Huntersville, N.C.-based Performance Fibers has completed the sale of its Asia-based fiber operation to Indonesia-based Indorama Ventures PCL (IVL). IVL purchased the business, including all of its Asian manufacturing sites and the rights to the Performance Fibers name, from Sun Capital Partners Inc., Boca Raton, Fla. Financial terms of the agreement were not disclosed.
Performance Fibers Asia is a leading producer of tire fabrics in the region and operates the second-largest production facility of its kind in China, according to IVL.
“The sale of our Asia operations fits well with and enhances our consolidation of resources to focus on our core business and accelerate our corporate transformation initiatives,” said Wahid Tawfik, CEO, Americas and Europe, Performance Fibers. “The sale will further strengthen our financial position and, more importantly, accelerates our modernization quality and innovation investments.”
In conjunction with the sale, Performance Fibers has changed its name to DuraFiber Technologies Inc. “With such impressive improvements across the company, the name change to DuraFiber Technologies communicates to our customers, suppliers, and investors that we have made a significant transformation in our business and are moving forward with a renewed commitment to operational excellence,” said Frank Papa, CEO, DuraFiber Technologies.