Empire Investment Holdings Completes Acquisition of Polyester Fibers, LLC of Leggett & Platt, Incorporated
Miami, Florida, November 24, 2008 (Business Wire) - Empire Investment Holdings announced today that its affiliate EIH Acquisitions, LLC has completed the acquisition of Polyester Fibers, LLC, a wholly-owned subsidiary of Leggett & Platt, Incorporated (“L&P”). Polyester Fibers, comprised of five operating units; Tupelo Fibers, Cumulus Fibres, Cameo Fibers, Mountain Mist and Buffalo Batt, is the largest manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, and retail marketplace. The terms of the transaction were not disclosed.
"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 chief executive officer of 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."
"We appreciate Empire's thorough and flexible approach to this divestiture and believe they are the right acquirer for this business," said David S. Haffner, president and chief executive officer of L&P.
"Polyester Fibers has more than 450 employees serving thousands of customers in the United States, Canada, and Europe, with annual revenues of approximately $100 million. The acquisition includes over a million square feet of space comprised of the company's headquarters and administrative office, 9 manufacturing plants and 2 distribution centers located in New York, North Carolina, Ohio, Tennessee and Mississippi. It also holds strategic partnerships with 4 manufacturing plants located in China."
As an Empire company, Polyester Fibers will stay focused on providing the highest quality and innovation in non-woven fibers and unmatched customer service. The company will operate as 5 distinct operating units, led by its own management team. Management will announce additional details about its strategic plans, as well as launch its branding campaign during the initial transition period. With the addition of Polyester Fibers, Empire Investment Holdings portfolio is now comprised of 7 operating units, with close to 1,000 employees.
About Empire Investment Holdings
Empire Investment Holdings ("Empire") is a private investment firm focused exclusively on the acquisition and strategic management of non-core business units from the Global 2000. Empire adheres to a well defined and focused acquisition strategy that is driven by the firm's history in acquiring, operating and managing over 40 corporate divestitures across several industries. Empire's approach is specialized in addressing the complexities of acquiring corporate divestitures, as well as ensuring post close business continuity.
About Polyester Fibers, LLC
Polyester Fibers is the largest and most flexible manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, craft, and seasonal markets in the United States. The company, comprised of 5 operating units; Tupelo Fibers, Cameo Fibers, Cumulus Fibres, Mountain Mist and Buffalo Batt, has more than 450 employees serving thousands of customers in the United States, Canada, and Europe.
About Leggett & Platt, Incorporated
Leggett & Platt (NYSE: LEG) is a FORTUNE 500 diversified manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in most homes, offices, and automobiles. The company serves a broad suite of customers that comprise a "Who's Who" of U.S. manufacturers and retailers. The 125-year-old firm's continuing operations are composed of 21 business units, 24,000 employee-partners, and more than 250 facilities located in 20 countries.