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.