According to Fiberweb CEO Daniel Dayan the deal provides his company with exposure to new equipment in North America as well as a South American customer base. Fitesa meanwhile will benefit from Fiberweb’s experience and its financialand technological support.
Together, the joint assets achieved combined sales of $191 million last year.
"We are delighted that Petropar and Fiberweb have been able to negotiate the creation of this imaginative venture swiftly and smoothly. We share a common interest in building a leading player in all parts of the Americas and in accelerating and derisking investment plans that both parties were considering individually,” Mr. Dayan said. “In these challenging times, we are implementing a model that focuses scarce capital on cost-effective investment to meet customers' needs for leading-edge products on a regional and global basis and that allows economies of scale to be achieved."