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.”