Huntingdon Fiberglass Products deal to settle Oct 31
Posted: October 25, 2013
More than a year after employees of theHuntingdon AGY plant were informed of the company’s plan to sell the facility, they will be pleased to know they will still have a job when the sale finalizes Thursday, Oct. 31.
AGY Holding Co. recently announced it entered an agreement with the Pittsburgh-based private equityHuntingdon Acquisition Co. LLC to purchase 100 percent of the assets of the Huntingdon AGY plant.
Since the sales agreement has been in place, the entity, created by Stonewood Capital Management, has changed its name to Huntingdon Fiberglass Products Co. LLC, according to Stonewood president Kenn Moritz.
“We are excited to be coming to Huntingdon to grow the business,” Moritz said. “We expect to increase the number of jobs offered at the facility. Stonewood is excited to invest in the continuous filament mat (CFM) business and assist the Huntingdon management team in its efforts to capitalize on growth initiatives.”
The 55 plant employees will retain their jobs, as they will be hired by the new company, and Moritz said the facility hopes to add an additional 15-20 employees within the next six to eight months.
“We anticipate once the acquisition is completed, plant management will include those individuals currently managing the production at the plant,” he said.
Moritz said the plant will maintain the running of the CFM and pointed out the company will only utilize a portion of the building, opening up future opportunities for other businesses.
“We will be actively looking for other tenants and uses for the facility,” Moritz said. “We will be reviewing our options on how we can best utilize the space under the roof. No specifics can be provided at this time.”
“We are delighted to announce the agreement with Stonewood Capital Management to purchase ourHuntingdon business unit,” said AGY president and CEO Drew Walker in a press release. “We see this divestiture and the sale as critical steps in successfully implementing our business strategy. These actions allow us to concentrate more intently on our fine yarns and S-2 products and provide our customers high quality advanced materials that are made in America.”
Walker could not comment on the sale any further until the agreement is final.
AGY is headquartered in Aiken, S.C. It began operations in Huntingdon in 2007 after purchasing the building that formerly operated as Owens-Corning Fiberglas. Over time, many components of the plant’s operations have been sent to the AGY headquarters in Aiken, S.C. AGY will continue to run the dayto day operations of the plant until the transaction is completed.
At a time when many manufacturers are leaving the region, Huntingdon County Business and Industry executive director Amy Wise said the company’s intention to retain and build jobs is refreshing.
“We have been working with the company and they have said how pleased they are to be able to keep jobs here,” Wise said. “I think this is a boost to the economy at a much needed time.”
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