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Performance Fibers Agrees to Acquire INVISTA’s North American Tire Cord Business

Here’s one that got lost in the holiday shuffle. On December 3, 2007, Performance Fibers announced it had signed a definitive agreement to acquire INVISTA‘s North American tire cord and polyester industrial filament business. The deal includes INVISTA’s manufacturing plants in Salisbury, N.C., Shelby, N.C., and Winnsboro, S.C., as well as industrial polyester, industrial nylon 6, and tire cord fabric-producing assets currently operating at INVISTA’s site in Querétaro, Mexico. The deal was signed on November 30, 2007. Terms were not announced.

The acquired business includes industrial polyester and nylon 6 fibers used in tire cord as well as belting, sewing thread, auto safety, and rope, cordage and netting. The deal does not include INVISTA’s PET resin business and its contract manufacturing operations for fine denier staple, both based in Querétaro.

This is the second deal Performance Fibers has made with INVISTA. In August 2006, Performance Fibers acquired INVISTA Resins and Fibers GmbH’s German polyester yarn business. The deal included plants in Bad Hersfeld, Bobingen, and Guben, Germany.

Here is the press release from Performance Fibers.

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