AGY have announced the sale of the Huntingdon business unit to Stonewood Capital Management, Inc., a Pittsburgh-based private equity group.
The Huntingdon business unit, now doing business as Huntingdon Fiberglass Products, LLC (HFP), consists of the continuous filament mat (CFM) business and CFM plant and facilities located in Huntingdon, PA
Drew Walker, President and CEO of AGY said;
We are delighted to announce the agreement with Stonewood Capital to purchase our Huntingdon business unit, We see this sale as a critical step in successfully implementing our business strategy. These actions allow us to concentrate more intently on our fine glass fibre yarns and S-2 Glass products, and provide to our customers, high quality advanced materials that are made in America.
Since acquiring the Huntingdon Pennsylvania plant in 2007, which makes up the CFM business including the wound products and conductive roving business, AGY has produced the glass fibre 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.