Staff, Wire reports

RICHMOND, Va. — An affiliate of Performance Fibers Holdings Inc. announced Monday it will buy the North America tire cord and polyester industrial filament businesses of Invista, including manufacturing facilities in Salisbury, Shelby and Winnsboro, S.C.

The Invista plant on U.S. 70 between Salisbury and Statesville reportedly employs 800 people and is the sixth largest employer in Rowan County, according to the Salisbury-Rowan Economic Development Commission.

But Sandy Frinton, a spokeswoman for Performance Fibers, said she understands that many of the Rowan plant employees actually work for subcontractors that handle specific tasks at the plant.

Frinton said she understands that Invista itself employs a total of 740 people at Salisbury and Shelby plants. She could not break out the number of employees at each plant.

Performance Fibers has no immediate plans for changes at the Salisbury plant, Frinton said. The local management team will remain in place for now, she said.

Plant Manager Tony Branecky referred a Post reporter to Erica Taylor, public affairs manager in Invista's regional office in Charlotte, for comment.

Taylor did not return a phone call but sent an e-mail referring the reporter back to Performance Fibers' press release.

"If you would like a quote, please feel free to use: 'The employees of these sites are diligent, hard working, committed to compliance and collectively possess a tremendous amount of experience in this industry. We think Performance Fibers will be well pleased,' " Taylor wrote.

Performance Fibers describes itself as a leading global supplier of high-tenacity polyester fibers, engineered fabrics, sewing thread fibers and advanced materials.

With manufacturing facilities in North America, Asia and Europe, its products are used in a wide range of consumer and industrial applications.

In its announcement, Performance Fibers also said it will acquire parts of Invista's Queretaro, Mexico, site.

The purchase agreement was signed Nov. 30. Terms of the agreement were not disclosed.

Following the planned acquisition, which is expected to be finalized in the next several months, Performance Fibers will employ over 4,000 worldwide.

Performance Fibers said that many of the Invista products acquired will complement Performance Fibers' current offerings of high-tenacity polyester used in many areas, including energy, environment, architectural design, transportation, lifestyles and leisure, safety and security, and specialty.

The purchase would expand Performance Fibers' core polyester offerings with additional industrial polyester sewing thread fibers and add nylon 6 fibers and fabrics.

"This planned acquisition will enable us to offer a broader range of fibers and fabrics in the Americas and provide customers in this region with a local supply source, while strengthening our global product portfolio and enhancing our research and development capabilities," Greg Rogowski, president and chief executive officer of Performance Fibers, said in the press release. "It is consistent with our strategic growth plan to focus on key segments and emphasizes our ongoing commitment to business in North America."

Performance Fibers is owned by Performance Fibers Holdings Inc., an affiliate of Sun Capital Partners Inc. Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt and other investments in market-leading companies that can benefit from its in-house operating professionals and experience.

Sun Capital affiliates have invested in and managed more than 170 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital's inception in 1995.

Sun Capital has offices in Boca Raton, Fla.; Los Angeles; and New York and affiliates with offices in London, Tokyo, and Shenzhen.

"Since Performance Fibers became an affiliate of Sun Capital Partners in 2004, we have worked closely with the management team to aggressively expand the business through strategic acquisitions and investments," Kevin Feinblum, principal with Sun Capital Partners, said in the release. "This acquisition reflects Sun Capital's continuing commitment to grow Performance Fibers' business in North America, Asia and Europe and enhances the company's ability to compete in the global marketplace."

Performance Fibers acquired Invista Resins and Fibers GmbH's German polyester yarn business in August 2006. The sale included manufacturing facilities in Bad Hersfeld, Bobingen and Guben, Germany.

Managing Editor Frank DeLoache contributed to this article. Contact him at 704-797-4245 or fdeloache@salisburypost.com.