HUNTERSVILLE, N.C.—Performance Fibers has completed the sale of its Asia operations to Indorama Ventures P.C.L. and changed its name to DuraFiber Technologies Inc.
The firm said the sale of the Asia operations and the name change culminate a strategic transformation that has included footprint rationalization in North America, modernization of equipment in both North America and Europe, and process improvements in product quality.
“This sale has enhanced our consolidation of resources to focus on our core business, further strengthened our financial position and will accelerate our modernization, quality and innovation,” CEO Frank Papa said in a statement.
DuraFiber said the sale and name change will have no operational impact on the Americas and Europe business, but Indorama Ventures has retained the rights to the Performance Fibers name.
DuraFiber Technologies produces industrial fibers and fabrics for a variety of industrial and consumer applications, such as tire, offshore mooring ropes, seat belts and sewing thread.