EIH Acquires Polyester Fibers LLC
EIH Acquisitions LLC, an affiliate of Miami-based private investment firm Empire Investment
Holdings (EIH), has acquired Carthage, Miss.-based Leggett & Platt Inc.'s subsidiary Polyester
Fibers LLC - a manufacturer and distributor of value-added, high-loft nonwoven materials for
bedding, furniture, filtration and retail applications.
"Polyester Fibers has a rich history, and through several years of strategic acquisitions and organic growth, is the market leader within its core end markets," said David F. Alfonso, chairman and CEO, Empire Investment Holdings. "We are excited about the company's future, and the inherent ability to unlock additional value through Empire's proven operational expertise by working closely with the Fibers team, as well as its customers and vendors."
Polyester Fibers comprises four operating units - Tupelo Fibers, Cumulus Fibres, Cameo Fibres and Buffalo Batt - which will continue to operate with the company's own management team. The company employs 450 people and has annual revenues of approximately $100 million. During the transitional period, Polyester Fibers plans to launch a branding campaign and also will release further details about its strategic plan.
EIH will acquire more than 1 million square feet of space, including Polyester Fibers' headquarters and administrative office, nine manufacturing plants and two distribution centers in New York, North Carolina, Ohio, Tennessee and Mississippi. Polyester Fibers also maintains strategic partnerships with four China-based manufacturing facilities.
December 2, 2008