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Fiberweb hygiene sale complete

January 3, 2012

$286 million sale finalized Dec. 30

Fiberweb has confirmed that the sale of its hygiene business to Petropar was finalized December 30. The deal includes Fiberweb’s stake in the FitesaFiberweb joint venture, which was already half owned by Petropar, as well as Fiberweb’s European spunmelt business with sites in Italy and Sweden. Fiberweb willnow focus more narrowly on its industrial businesses.

“Fiberweb will start 2012 as a fundamentally transformed business with a new focus, a strong balance sheet and strong potential for further operational improvement and strategic development,” says Malcom Coster, Fiberweb chairman.

Fiberweb announced in November it would exit the hygiene market through a $286 million cash deal with its longtime joint venture partner Petropar.The hygiene business had sales of about £193 million in 2010 and operating profit of about £12 million.


In addition to the existing assets in the Americas, FitesaFiberweb is reportedly examining the possibility of adding assets in China through a joint venture with Japan’s Chisso Corporation.
 

 

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