By: Frank Esposito
April 18, 2014
PolyQuest Inc. has spun off its FiberQuest unit — which distributes polyester staple fibers and cotton — as a separate company.
The spinoff will allow Wilmington, N.C.-based PolyQuest to focus on its primary businesses of distributing and recycling PET resin, officials said in an April 16 news release.
The new business will be run by FiberQuest executive Brad Dutton, and will have no shared ownership with PolyQuest or any of its other units, including PQ Recycling LLC. The move will have no impact on the firm’s customers, suppliers, employees or other business partners, officials said.
PolyQuest was founded in 2000. The privately held firm operates a distribution center and recycling plant in Darlington, S.C. and a recycling plant in Farmingdale, N.Y.