CLEVELAND (Aug. 25)—Tomkins P.L.C. signed a deal to sell its Gates Formed-Fibre Products Inc. business to Morgenthaler Partners, a Cleveland-based buyout company. The operation, which had been part of Gates Corp., produces thermoformed, non-woven products for North American auto makers and Tier 1 automotive suppliers. Gates said the business was non-core. Formed-Fibre employs 600 at two plants in Maine and Ohio, according to a release issued by the buyout firm. Annual sales for the group, however, were not disclosed. Morgenthaler said it plans to use the newly renamed Formed Fiber Technologies Inc. as a platform to acquire other fiber suppliers and build it into "the leading, one-stop fiber product and systems supplier" to automotive and non-automotive markets.
Tomkins sells off thermoformed, non-woven business
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