22 October 2004
22 October 2004
AFFC Holdings, Inc., a newly formed company sponsored by an investor group, has reached an agreement to acquire BP's Amoco Fabrics and Fibres subsidiary and its associated assets.
The transaction is expected to be finalized in the fourth quarter of 2004. Financial details of the transaction are not being disclosed.
Headquartered in Austell, Georgia, BP's Fabrics and Fibres subsidiary is a leading producer of synthetic fabrics throughout the world. It is a leading producer of synthetic fabrics for use in furniture, bedding, automotive, geotextile, and other industrial fabrics applications. The company also produce CURV, the self-reinforced polypropylene.
William C. Oehmig, a principal of The Sterling Group said, ""We are pleased to have the opportunity to invest in this business alongside management, Genstar and Laminar Direct Capital. We look forward to working with the dedicated and talented management team to grow this newly independent company. We believe this company's strong management team and employee base, leading positions in attractive markets, consistent financial performance and its status as a newly independent entrepreneurial organization offer exciting opportunities for the future of the company and make the company an ideal fit with the investment philosophies of Sterling and our co-investors.""
Bradford Mortimer, president of BP's Fabrics and Fibres business said, ""The business is excited to team with Sterling, Genstar and Laminar Direct Capital. We believe that competing in our marketplace as an independent company opens the door to pursue many new and energizing opportunities. Our primary focus will be on serving the needs of our customers, and we will continue to look for ways to better serve their needs in the future. We have a lot of opportunities ahead, and our new sponsor group will be an excellent partner in pursuing those prospects.""
""We believe this company is well-positioned to create and to take advantage of new opportunities in this market. With their deep knowledge and industry expertise, the company's management team has demonstrated the customer-focused business savvy and leadership skills necessary to drive thegrowth and profitability of their company,"" said Jean-Pierre L. Conte, chairman and managing director of Genstar Capital, L.P. ""We feel confident that Genstar, Sterling and Laminar Direct Capital's experience supporting and growing newly independent organizations will be a valuable asset to this company. We look forward to working closely with the management team and our co-investors as the company continues to excel as the market leader.""
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