AGY Announces Decision to Initiate Process to Sell its CFM Business

Date: 14 August 2012
Source: www.agy.com

Date: 14 August 2012

AIKEN, SC USA - ( July 25, 2012) - AGY, a leading global producer of fiber glass yarns and high-strength fiber glass reinforcements for composites, announced today that it has decided to initiate the process to sell its continuous filament mat (CFM) business.

This decision regarding our CFM business was made to better align the company’s strategic objectives and product portfolio,” said Drew Walker, President of AGY.The proposed sale will have no impact on AGY’s core yarn and specialty roving business.

Re-aligning its product portfolio will allow AGY to return to its core capabilities and focus on its specialty materials products. “AGY has the product portfolio and technology to take advantage of continued acceptance of our products as replacements for more traditional materials, such as metal and wood,” said Walker. “In this regard, the composites industry has a strong, proven track record for high-volume usage.”

AGY anticipates selling the CFM plant and facilities in Huntingdon Pennsylvania that make up the CFM business, including the wound products and conductive roving business. Since acquiring the plant in 2007, AGY has profitably produced the unique glass fiber product used in the production of electrical insulation panels, pultruded shapes for industrial products, energy market products for power generation and oil rig safety, and composite parts for automotive interiors. AGY will continue operating the plant until a transaction is completed.

While the CFM product line and its customer base are no longer core to AGY’s strategic business plan for the future, AGY has every confidence that it is poised for growth. “AGY CFM is a solid business,” said Walker. “We believe the business will benefit from being owned by a company aligned with its objectives.”

For more information, please call 888-434-0945, or visit our website at www.agy.com.
600450 AGY Announces Decision to Initiate Process to Sell its CFM Business glassonweb.com

See more news about:

Others also read

MORE...

Construction Employment Declined in Most States in November as Anxiety Over Fiscal Cliff Causes Contractors to Hold Off on Hiring
Hawaii and Texas Top List of 20 States and D.C. Adding Construction Jobs Since November 2011 as Delaware and New York Trail; Vermont and Louisiana Led 19 States with One-Month Gain, D.
Wicona Curtain Walling for Glasgow Velodrome
The Emirates Arena and Sir Chris Hoy Velodrome have just been completed, creating a new world class sporting landmark for Scotland.
The American Scenario in The Glass Industry
The United States is honoring its role, to the best of its ability, as the world's locomotive, although despite the positive performance of the real estate market, America seems to be recovering slower than expected.
Turkish glass producer to expand operations at home and abroad with the help of EBRD loans
The EBRD is providing loans worth €110 million to Turkish glass manufacturer Trakya Cam A.Ş. that will expand its product range at home and in Bulgaria and also establish a presence on the Russian market, setting new standards in energy efficiency.
SAGE Electrochromics, Inc. Files Patent Infringement Lawsuit in U.S. District Court Against View, Inc.
SAGE Electrochromics, Inc., a world leader in the development and manufacture of dynamic glass, located in Faribault, Minn., today announced it has filed a lawsuit in U.S.
Lucintel Identifies APAC as Growth Region for Global Automotive Glass Industry during 2012-2017
Irving, Texas (PRWEB) December 18, 2012 - The global automotive glass industry experienced good growth over the last five years and is expected to grow moderately with a CAGR of 3% over the next five years (2012-2017) to reach revenue of approximately US $17 billion in 2017.

Add new comment