Breaking News

Fiberweb issues results

December 2, 2011

Nonwovens producer Fiberweb has reported year-to-date sales growth of around 2%, despite weaker-than-expected demand.

Geosynthetics has traded well with Boddingtons and Tubex both trading in-line with expectations.In Industrial, shipments to residential construction markets in Europe and North America were lower, impacted by weak markets as well as the planned closure of the site at Königswinter, Germany and the relocation of its activity to an upgraded facility in Berlin, Germany.Filtration sales have been stable, other than a significant reduction of filtration sales to North Africa as a result of political developments in that region, while the agricultural season has got off to a strong start. Hygiene volumes in the period have also been generally stable, with strength in spunbond mitigating relative weakness in airlaid and carded products.

After major capital expenditure on upgrading industrial manufacturing assets, completion of a new industrial research and development facility as well as restructuring associated with post-acquisition integration and site rationalization, net debt at the end of October was £145 million.

In other news, Fiberweb announced it will sell the majority of its hygiene business, a move that will allow Fiberweb to repay all its existing net debt.The remaining, more focused Industrial business will employ a much strengthened balance sheet to accelerate its development towards becoming a leader in attractive segments of the growing markets for technical fabrics and geosynthetics

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