An affiliate of Sun Capital Partners has purchased Honeywell Internationa's Performance Fibers business unit.
The new business, Performance Fibers, produces high-performance industrial fibers and related materials.
"We are excited about the future of this business and the many growth opportunities we see in the global market for industrial fibers and related technologies," said Greg Rogowski of Performance Fibers. "We plan to continue our leadership in this industry and to grow by providing our customers with the technology innovation they require and the quality and reliability they expect."
M. Steven Liff of Sun Capital Partners added, "Performance Fibers is a global leader, and by combining our business expertise at Sun Capital with the strengths of Greg Rogowski and his management team, we expect to enhance Performance Fibers' position in its market niche. Through our investment, the Company will be able to take advantage of numerous opportunities that will strengthen its core competencies."
Performance Fibers has retained its experienced global leadership team and will continue operations at all of its plants, including those in North Carolina, France, and joint ventures in South Korea and China.
"Customers can expect us to build on our legacy as solutions providers and to continue to provide advanced materials that can replace more costly and less efficient materials," said Jeff Shugart of Performance Fibers.
Performance Fibers (now part of Indorama Ventures) produces high-tenacity polyester and other man-made industrial fibers. Its solution-dyed polyester exhibits superior stability to ultraviolet light, strength retention, and colorfastness compared with standard, conventionally dyed polyesters. End-uses include marine fabrics, webbing, yachting braids, climbing ropes, pleasure boating lines, sewing thread, and tracer lines.