COLONIAL HEIGHTS, Va. (Oct. 11) — Performance Fibers will take 100-percent ownership of its polyester yarn fiber joint venture in China by agreeing to buy its Chinese partner´s 30-percent stake in the nine-year-old venture.
The acquisition, coupled with a recently announced expansion of the Chinese plant and the purchase of Diolen´s North American fiber and fabric conversion operations, "demonstrates Performance Fibers´ worldwide commitment to meeting our customers´ needs and strengthening our position in the industrial fibers industry," said Greg Rogowski, president and CEO of Performance Fibers.
Performance Fibers, through its Performance Fibers Asia L.L.C. unit, will buy the share of Performance Fibers Kaiping Co. Ltd. owned by Guangdong Kaiping Chunhui Co. Ltd. Financial details were not disclosed; the deal should close by year-end.
Chunhui has owned the minority share since earlier this year, buying it from Guangdong Kaiping Polyester Enterprise Group, which had been the founding minority partner in 1996.