Posted October 10, 2017

 

Two DuraFiber Technologies plants – one in the U.S. and one in Germany – have been acquired by management buyout groups supported by strategic investors.

 

In July, the company announced that it had planned to shut its plants unless buyers were found, and on Oct. 7 it filed for Chapter 7 bankruptcy protection in Delaware.

 

This comes on the heels of last week’s announcement that PolyQuest and Straterra Holdings had formed Fiber Innovators International, LLC – a joint venture between the respective companies – and had acquired the former DuraFiber Technologies facility in Grover, N.C.

 

DuraFibers’ plant in Shelby, N.C., was acquired by a management buyout team as well as a strategic investor. In Germany, DuraFiber Technologies GmbH in Bad Hersfeld has been purchased by a similar management buyout group.

 

According to Alasdair Carmichael of PCI WoodMackenzie, DuraFiber plants in Salisbury, N.C., and Winnsboro, S.C., have closed, and its operations in Mexico and France have been acquired by Indorama Ventures.

 

eTC sources

Two more DuraFiber plants acquired by management buyout groups