Sep 23 2013
On September 19, 2013, AGY Holding Corp., entered into an agreement to sell 100% of the assets in AGY Huntingdon, LLC to Huntingdon Acquisition Co., LLC, an entity established for this purpose by Stonewood Capital Management, Inc. (Stonewood Capital), a Pittsburgh-based private equity group.
Business Development Asia acted as the exclusive advisor to AGY on the transaction. Details of the agreement were not disclosed.
“We are delighted to announce the agreement with Stonewood Capital to purchase our Huntingdon business unit,” said Drew Walker, President and CEO of AGY. “We see this divestiture and the sale of AGY Shanghai, which was concluded earlier this month, 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 to our 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.
Source: http://www.agy.com/