20 May 2005
20 May 2005
Celanese Corporation has sold the polybenzimidazole fibre and polymer business (PBI) to PBI Performance Products, Inc., an affiliate of the US InterTech Group.
The divestiture of PBI is in line with the strategy of Celanese to continuously focus on its core chemicals and technical polymers businesses.
InterTech set up PBI Performance Products, Inc., a wholly owned subsidiary, to complete the acquisition and operate the business. Headquarters for the business will remain in Charlotte, North Carolina with manufacturing in Rock Hill, South Carolina. All existing management and employees will remain with the business.
""The InterTech Group has a strong track record of fostering the entrepreneurial spirit within its member companies,"" remarked Grant Reeves, President of PBI. ""For PBI and its employees there will be a committed and focused owner who will support our customers' needs and grow the business. The PBI business has an impressive portfolio of technology that has been effectively commercialized in the fire service sector. Our goal is to realize PBI's potential in new commercial applications built on years of extensive R&D. This commitment to development activities will advance the practical uses of PBI in our chosen industries.""
PBI polymer and fibres were developed for NASA to provide unprecedented fire protection for the astronauts. Primary products include branded fibres and fabrics for fire service and industrial protective wear, moulded shapes and parts for semiconductor and industrial applications, and films for the emerging proton exchange membrane (PEM) fuel cell market.
The InterTech Group is a holding company and operator of a diverse, global group of companies. Terms of the transaction were not disclosed.