RICHMOND, Va. (Nov. 9)—Honeywell Specialty Materials has agreed to sell its Performance Fibers business, a maker of high tenacity polyester yarn for tire and rubber products reinforcement, to a Florida private investment firm specializing in leveraged buyouts and turnarounds of market-leading companies.
Under the new ownership, the business will continue to operate as Performance Fibers Inc., according to Boca Raton, Fla.-based Sun Capital Partners Inc., the purchaser. Terms of the deal were not disclosed.
"We expect this to be a seamless transition for customers whom we will continue to provide with the innovative technologies and best-in-class products and services they value," said Greg Rogowski, who will continue to lead the business under Sun Capital's ownership.
By combining Sun Capital's business expertise with the strengths of Honeywell's management team, "we expect to enhance Performance Fibers' position in its market niche," said M. Steven Liff, principal of Sun Capital.
Honeywell Performance Fibers generated $368 million in sales last year. Headquartered in Richmond, the firm has production facilities in North Carolina and France along with joint ventures in China and South Korea.