Private equity firm buys fiberglass unit from AGY

By Frank Antosiewicz
Correspondent

Published: November 6, 2013 4:58 pm ET
Updated: November 6, 2013 5:23 pm ET

Related to this story

Topics Materials, Mergers & Acquisitions, Composites, Pultrusion, Materials Suppliers

Stonewood Capital Management, Inc. a Pittsburgh-based equity group, has completed the purchase of the continuous filament mat business unit as well as a plant and facilities in Huntingdon, Pa., from AGY Holding Corp. The new entity will be known as Huntingdon Fiberglass LLC.

“It is gratifying to invest in a Pennsylvania business and retain and grow employment in the Commonwealth,” said Kenn Moritz, Stonewood President, in a news release.

He said that Stonewood’s newest portfolio company will continue to operate in Huntingdon and is looking to expand its CFM line as well as its wound and conductive rovings product lines, which it acquired.

Paul Geist, a former manager of the plant when it was owned by Owens Corning, is partnering with Stonewood and is the president of Huntingdon Fiberglass.

“The environment for growth of our product lines is very positive, and we are keen to quickly take advantage of that,” Geist said in a statement.

The glass fiber product is used in electrical insulation panels, pultruded shapes for industrial products, energy market products for power generation and oil rig safety, and composite parts for automotive interiors.

First National Bank of Pennsylvania provided senior financing in support of Stonewood’s deal.

AGY, headquartered in Aiken, S.C., sold the business to focus on its fine glass fiber yarns and S-2 Glass products. AGY had acquired the Huntingdon plant in 2007.


Comments

Private equity firm buys fiberglass unit from AGY

By Frank Antosiewicz
Correspondent

Published: November 6, 2013 4:58 pm ET
Updated: November 6, 2013 5:23 pm ET

Post Your Comments


Back to story


More stories

Image

PP prices rise 5 cents

August 28, 2014 3:59 pm ET

After a one-month break, volatility has returned to the North American polypropylene resin market, with prices increasing by an average of 5 cents...    More

Image

DuPont fined for 2010 chemicals release

August 28, 2014 1:37 pm ET

DuPont Co. has been fined almost $1.3 million for the release of several chemicals — including plastics feedstock phosgene — at its plant ...    More

Image

LyondellBasell to build feedstock plant on Gulf Coast

August 28, 2014 11:05 am ET

LyondellBasell Industries will build a world scale propylene oxide plant on the U.S. Gulf Coast with a capacity of 900,000 metric tons per year.    More

Image

Bayer seeing success in project to replace petroleum with C02

August 28, 2014 10:18 am ET

Bayer MaterialScience says its research into the potential of using carbon dioxide as a raw material already is paying off in studies showing that...    More

Image

Canadian mold maker Thibault adding to new operation in Mexico

August 27, 2014 3:19 pm ET

Canadian mold maker I Thibault Inc has purchased an established Mexican company, Tecnimoldes SA de CV, for a seven-figure-dollar-sum and renamed it Ti...    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events