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
Companies & Associations

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

Dow Chemical to merge chlorine operations with Olin

March 27, 2015 12:43 pm ET

Dow Chemical Co. is combining a large part of its chlorine value chain with specialty chemicals and ammunition maker Olin Corp. to create a global...    More

Image

Eastman Chemical expanding Tritan co-polyester capacity

March 27, 2015 10:00 am ET

Eastman Chemical Co.'s Tritan-brand co-polyester business continues to grow, with 35 million pounds of capacity added late last year and a second...    More

Image

PolyOne's Patterson focused on keeping the momentum going

March 27, 2015 9:30 am ET

New PolyOne CEO Robert Patterson sees a lot of good things when he looks at his company, which ranks as North America's largest compounder and...    More

Image

Improvements to Radici's nylon line takes it into more applications

March 27, 2015 9:00 am ET

Radici Group, the Italian-headquartered materials firm, outlined the benefits of its Radilon and Radistrong nylon products at NPE 2015.    More

Sun Plastech, Plastics Color Corp. note major milestones at NPE

March 27, 2015 9:00 am ET

Sun Plastech Inc. and Plastics Color Corp. — two well-known materials firms — are marking anniversaries at NPE 2015.    More

Market Reports

Flexible Packaging Trends in North America

North America represents about 30 percent of the global consumption of flexible packaging. Annual growth in this region is forecast at 4 percent during the next 5 years.

For more insight on growth opportunities, drivers of growth and the outlook for 2015, download this report.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events