UPDATED: AGY adds Chinese fiber capacity with acquisitionUPDATED: AGY adds Chinese fiber capacity with acquisition
Fiberglass yarn producer AGY (Aiken, SC) has purchased a majority stake in E-glass yarns maker Shanghai Grace Technology Co. Ltd. in a bid to expand its global reach and better serve a growing Asian customer base. AGY purchased a 70% interest in the business from Grace THW Holding Limited. AGY indicated that it has the “option and intent” to purchase the remaining outstanding shares in the near future, with the initial acquisition to be finalized in the second quarter.
March 26, 2009
AGY says the facility has capacity in excess of 18,000 tonnes/yr, and is part of its bid to boost its standing in Asia. In a release, AGY President and CEO Doug Mattscheck, said, “Our goal is to become the preeminent independent yarn manufacturer in Asia by offering E-glass products with a strong base of local support and manufacturing,” adding that his company is currently building its sales, marketing, and customer-service teams. Jeff Davis, AGY's president, told PlasticsToday that AGY has had a significant Asian business for many years, serving the market with a direct AGY sales force and offering products produced in its Aiken, SC and Huntingdon, PA facilities.
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