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Equity Firm Aquires Fibers Arm of Leggett & Platt

November 25, 2008

Polyester Fibers has more than 450 employees and revenues of $100 million.

Empire Investment Holdings through its affiliate EIH Acquisitions, LLC has acquired Polyester Fibers, LLC, a wholly owned subsidiary of Leggett & Platt, Inc. Polyester Fibers, comprised of four operating units—Tupelo Fibers, Cumulus Fibres, Cameo Fibers and Buffalo Batt—is the largest manufacturer and distributor of value-added, highloft nonwoven materials for the bedding, furniture, filtration and retail marketplace. The terms of the transaction were not disclosed.

“Polyester Fibers has a rich history and, through several years of strategic acquisitions and organic growth, is the market leader within its core end markets,” said David Alfonso, chairman and chief executive officer of Empire Investment Holdings. “We are excited about the company’s future and the inherent ability to unlock additional value through Empire’s proven operational expertise by working closely with the Fibers team, as well as its customers and vendors.”  

“We appreciate Empire’s thorough and flexible approach to this divestiture and believe they are the right acquirer for this business,” said David Haffner, president and chief executive officer of L&P.

Polyester Fibers has more than 450 employees serving thousands of customers in the U.S., Canada, and Europe, with annual revenues of approximately $100 million. The acquisition includes over a million square feet of space comprised of the company’s headquarters and administrative office, nine manufacturing plants and two distribution centers located in New York, North Carolina, Ohio, Tennessee and Mississippi. It also holds strategic partnerships with four manufacturing plants located in China.

As an Empire company, Polyester Fibers will stay focused on providing the highest quality and innovation in nonwoven fibers and unmatched customer service. The company will operate as four distinct operating units, led by its own management team.  Management will announce additional details about its strategic plans, as well as launch its branding campaign during the initial transition period. With the addition of Polyester Fibers, Empire Investment Holdings portfolio is now comprised of six operating units, with close to 1000 employees.

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