Performance Fibers Announces Tire Fabric Expansion in China to meet Growing Need
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Latest in Series of Expansions Shows Company’s Commitment to Global Tire Segment
RICHMOND, Va., June 5, 2007 – Performance Fibers today announced it will expand its tire cord fabric capacity by 30 percent in Kaiping, China to continue to meet growing demand in Asia.
The company will install new advanced equipment and machinery to convert its polyester yarns into treated fabrics used in radial automotive tires. The new capacity is expected to be operational by the third quarter of 2007.
The investment by Performance Fibers, an affiliate of Sun Capital Partners, is the latest in a series of planned expansions at the Kaiping site that has more than tripled capacity since early 2004, including a greenfield expansion completed in 2006 to expand production of its Dimensionally Stable Polyester (DSP®) fiber and fabrics.
“This latest investment shows our ongoing commitment to meeting the strong demands of the Asian tire market that continues to experience double-digit growth,” said Greg Rogowski, president and CEO of Performance Fibers. “As we have previously announced, additional expansions are planned into the future.”
Performance Fibers is the leading supplier of HMLS polyester fibers in China and was the first industrial polyester tire fibers provider to enter China more than a decade ago in 1993.
About Performance Fibers
Performance Fibers is a leading global supplier of high-tenacity polyester fibers, engineered fabrics, sewing thread fibers and advanced materials. With manufacturing facilities in North America, Asia and Europe, its products are used in a wide range of consumer and industrial applications. For more information, visit www.performancefibers.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 150 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, and affiliates with offices in London, Tokyo, and Shenzhen.
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