Universal Fibers Acquires Filament Assets
Bristol, VA, Oct. 15, 2013 -- In support of its newly created Business Development Group and market diversification strategy, Universal Fibers has purchased the continuous filament bi-component production assets of Fiber Innovation Technology.
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Fiber Innovation Technology, based in Johnson City, Tennessee, develops and produces bicomponent and other customized staple fibers. Universal Fibers’ purchase agreement involves only the continuous filament bi-component assets of the company.
“As we continue to grow Universal Fibers’ leading global position in solution-dyed commercial, residential and automotive carpet fiber, this supports our market diversification strategy of expanding Universal Fibers’ product offering to reach new segments in the marketplace," says Marc Ammen, Universal Fiber Systems CEO.
The company said the new technology will enable the company to expand into new markets including performance apparel, interior furnishings, filtration, technical/industrial, geotextile, and medical.
The Business Development Group, based in its world headquarters in Bristol, Virginia, is being led by Don Campbell, vice president of business and technical development.