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AGY plans sale of CFM business
Posted on Thursday, 26 July 2012 14:58
South Carolina-based high performance materials maker AGY is planning to offload its continuous filament mat (CFM) business.
The firm has initiated a sale process for the unit, based in Pennsylvania, in a move to realign its strategic objectives and product portfolio, although the deal is not expected to affect AGY’s core yarn and speciality roving business.
In addition, the company also believes a divestment will enable it to focus on its speciality material activities.
Drew Walker, president of AGY, said: “We believe the business will benefit from being owned by a company aligned with its objectives.”
The assets being sold comprise a CFM plant and facilities located in Huntingdon, including the wound products and conductive roving business, and will continue to be run by the vendor prior to a deal taking place.
AGY originally acquired the operations in 2007 to manufacture a glass fibre product used in the making of various items, including electrical insulation panels, industrial, power generation and oil rig safety products, and composite parts for automotive interiors.
The company claims to be a leading global producer of fibreglass yarns and reinforcements and is active in a number of areas, including the aerospace and defence, electronics, construction and industrial sectors.
It is based in Aiken and has an international presence with an office in France and a manufacturing facility in China.
AGY posted net sales of USD 47.06 million for the first quarter of 2012, up 4.7 per cent on the USD 44.93 million recorded for the same period last year.
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