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Fiberweb Board Approves Fitesa Joint Venture

July 16, 2009

Transaction will be complete by month's end.

Fiberweb shareholders have approved a deal that will form a joint venture between its North American assets and Brazilian roll goods producer Fitesa. The deal creates the second largest producer of spunmelt nonwovens in the region.

Under the name, FitesaFiberweb, the new venture will include Fitesa’s assets in South America as well as its planned expansion in the southeast U.S., and Fibwerb’s plants in Washougal, WA and Queretaro, Mexico and Simpsonville, TN. The focus of the company will be on lightweight nonwovens for the hygiene products business.

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.

The joint venture transaction should be finalized July 31.
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