Press Release Summary = Performance Fibers is one of the world's leading suppliers and manufacturers of high tenacity polyester and other man-made industrial fibres and fabrics for the automotive, cordage and industrial fabrics industries.
Press Release Body = Profile of Performance Fibers
Performance Fibers is one of the world's leading suppliers and manufacturers of high tenacity polyester and other man-made industrial fibres and fabrics for the automotive, cordage and industrial fabrics industries.
The company's products are used in a broad range of consumer and industrial applications, including tyre and carcase reinforcements, seat belts, airbags, mooring ropes, and mechanical rubber goods such as conveyer belts and power transmission belts. The company has manufacturing facilities in North America, Asia and Europe.
Performance Fibers is owned by Sun Capital Partners. The latter bought the business in December 2004 from Honeywell International. The transfer represented something of a turnaround in the financial performance for Performance Fibers. Between 2003 and 2004 the company's net revenues grew by 8.7%, from US$368 mn to an estimated US$400 mn. But things changed dramatically after the December 2004 acquisition, when Performance Fibers' revenues surged by 50% to an estimated US$600 mn in 2005.
Performance Fibers has pursued an active acquisition strategy over the past two years in an effort to expand its line of products and consolidate its dominant presence in the market for industrial fibres. In 2005 it spent about 3% of total sales on research and development and this percentage is expected to increase to 5% in the near future. A highly active acquisition strategy and substantial investments in research and development demonstrate the company's commitment to strengthening its position in the industrial fibres industry.
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