Your industry news - first Number 1 for Recruitment
We strongly recommend viewing Cleanzine full size in your web browser. Click our masthead above to visit our website version.
Sale proposed of Fiberweb's hygiene business to Petropar
Fiberweb has announced that it and its wholly-owned subsidiary, Fiberweb Holdings, has entered into binding agreements for the sale of the hygiene business to Brazilian-based company Petropar for US$286 million (approximately £179 million).
Nonwoven materials developed, manufactured and marketed by Fiberweb are used in a wide variety of everyday products such as industrial wipes, protective clothing, water filters, construction products, nappies, panty liners, fabric softener sheets and blood filters, to name only a few. With vast experience in its field and a strong international presence, Fiberweb has long been regarded as a technological innovator with a strong portfolio of intellectual property, a preferred partner for customers focused on high-quality and reliable supply and as a consistent investor in a global network of competitive manufacturing assets.
Fiberweb has a strong market position in many of its product and application areas using a variety of leading manufacturing technologies, including several proprietary processes. With revenues close to $1 billion and over 2000 employees worldwide, the company has a strong global position with major operations in North America, Europe and Asia.
Following completion, the Group will have technical fabrics operations in Berlin and Aschersleben in Germany, Biesheim in France, Terno d'Isola in Italy and Old Hickory, Tennessee in the USA, and geosynthetics operations in Maldon and Aberdare in the UK, Melbourne, Australia and at Old Hickory.
The sale is conditional on the approval of Fiberweb Shareholders at a general meeting, the approval of Petropar shareholders, the completion of Petropar's funding and completion of a pre-sale reorganisation by the Group. The transaction is expected to close at the end of 2011.
"The sale of Fiberweb's hygiene business to Petropar marks the end of the fundamental transformation of Fiberweb that we have been driving since 2006," explains Malcolm Coster, Chairman of Fiberweb.
"The Group will now be focused on industrial specialties with superior returns and prospects and will enjoy a much strengthened balance sheet. We look forward to accelerating the growth in sales and cashflow of Fiberweb's successful industrial businesses based on strong technical differentiation, outstanding service and leading expertise in understanding the evolving needs of our customers. Fiberweb's hygiene business will join a successful team focused on that industry, with whom we have enjoyed a fruitful and profitable relationship in recent years."
24th November 2011