AGY Holding Corp. announces entry into a purchase agreement to sell its stake in AGY Huntingdon, LLC
Drew Walker, President and CEO of AGY sais that they are delighted to announce the agreement with Stonewood Capital to purchase their Huntingdon business unit. They see this divestiture and the sale of AGY Shanghai, which was concluded earlier this month, as critical steps in successfully implementing their business strategy. These actions allow them to concentrate more intently on their fine yarns and S-2 products, and provide to their customers, high quality advanced materials that are made in America.
Kenn Moritz, President of Stonewood Capital, said that "Stonewood is excited to invest in the CFM business and assist the Huntingdon management team in its efforts to capitalize on growth initiatives."
Since acquiring the Huntingdon Pennsylvania plant in 2007, which makes up the CFM business including the wound products and conductive roving business, 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 the transaction is completed and transitioned to Stonewood Capital ownership.
About AGY: AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. AGY serves a diverse range of markets including the following: aerospace and defense; electronics; and construction, continuous filament mat (“CFM”) and industrial markets (the “G&I” business). Headquartered in Aiken, South Carolina, AGY has a sales office in Lyon, France a manufacturing facility located in Aiken, South Carolina.
About Stonewood Capital Management:Stonewood Capital Management, Inc. is a Pittsburgh-based private equity group seeking investment and buy-out opportunities with companies which have revenues of $5 to $50 million.