- Email: [email protected]
Fiberex agrees JV with Chinese company
Industry news
Fiberex agrees JV with Chinese company
Owens Corning emerges from Chapter 11
FIBEREX GLASS Corp of Canada, a manufacturer of ECR glass fibres for reinforcing composites, has announced a joint venture (JV) agreement with Taishan Fiberglass Inc of Taian, Shandong, China. The joint venture will be called Taishan Fiberex Fiberglass Corp (TFFC) and will expand Fiberex’s manufacturing capacity for ECR glass fibres. Fiberex told Reinforced Plastics that the joint venture will be located in Taian. An existing furnace will be rebuilt to produce E-CR glass and subsequently expanded. The capacity will be 30 000 tonnes. The production of the joint venture will be marketed by Fiberex Marketing International (FMI), a subsidiary of Fiberex. Fiberex says that the trend towards higher performance composites has created doubledigit growth for E-CR glass fibres over the past few years. The company notes that E-CR glass has established niche applications globally in infrastructure and
OWENS CORNING, Toledo, Ohio, USA, has announced its emergence from Chapter 11 of the US Bankruptcy Code. The glass fibre producer filed under Chapter 11 in October 2000 to address growing demands on its cash flow resulting from the substantial costs of asbestos personal injury liability. This move follows approval of Owens Corning’s Plan of Reorganisation, the result of an agreement the company reached in May with key creditors groups. Owens Corning says it will now begin the process of making distributions to its financial creditors and to a trust that will resolve its current and future asbestos liability. Owens Corning’s exit financing will come from a combination of new equity and new debt financing. “We are emerging from Chapter 11 in a strong
chemical sectors as a result of its high corrosion and thermal resistance, and that many countries and regulatory bodies now specify the use of E-CR glass fibres for certain applications such underground piping and tanks, electrical insulator rods and silencer in-fills (for automotive applications). “The JV with Taishan Fiberglass recognises the key role being played by China as a strategic manufacturing base,” says Fiberex’s chairman and CEO Fred Atiq. “It should not be surprising that Fiberex chose Taishan to be the pivot supporting our ambitious growth plans in the global E-CR glass fibre markets.” Fiberex started manufacture of E-CR glass fibres in 1998 as a single furnace plant. The company now operates two furnaces running at full capacity. Fiberex Glass Corp; www.fiberex.com Taishan Fiberglass Inc; www.ctgf.com
Saint-Gobain to sell Vetrotex America FOLLOWING the announcement of Saint-Gobain’s and Owens Corning’s plans to merge their reinforcements and composites businesses, SaintGobain has taken the decision to sell its Vetrotex America business. Vetrotex America in Wichita Falls, Texas, employs 760 people and produces fibre glass reinforcements for the composites industry.
8
REINFORCEDplastics
Saint-Gobain has decided to exclude Vetrotex America from the merger because of possible regulatory issues relating to it. It believes that a new owner will provide the business with a stable long term future and would be able to focus on growing the business in key markets. Saint-Gobain; www.saint-gobain.com
November 2006
operational and financial position,” comments Dave Brown, president and CEO. “During the past six years, we have continued to grow our businesses around the world and have strengthened our financial performance. We are pleased to be emerging as an investment-grade company.” The company recently released its third quarter financial results. These included consolidated net sales of US$1.661 billion, a 2.7% increase on the 2005 quarter. “Third-quarter results were in line with our expectations,” says Brown. “Although we experienced significant increases in energy, transportation and raw material costs, we are pleased that we delivered record financial results through the first nine months of 2006.” Owens Corning; www.owenscorning.com
MATERIAL opens US office MATERIAL SA, a Belgian provider of engineering services and software for composites and filament winding technology, is to open an office in the USA. The company has just signed a cooperation agreement with Skinner Creative Inc, a US consultant to the composites industry, which will become the representative of MATERIAL in North America. The two companies will set up a sales and engineering centre called MATERIAL USA as a service point for sales and engineering issues. Engineering services that will be provided
include part and process design, winding program calculation, process optimisation, production planning and prototyping capability using MATERIAL’s winding laboratory in Brussels. The centre will also offer installation, training and maintenance services for CADWIND, MATERIAL’s process simulation system for filament winding and COMPOSITE STAR, its database and design software for composites. MATERIAL; www.material-usa.com Skinner Creative Inc; www.skinnercreative.com
Fiberex agrees JV with Chinese company
Owens Corning emerges from Chapter 11
FIBEREX GLASS Corp of Canada, a manufacturer of ECR glass fibres for reinforcing composites, has announced a joint venture (JV) agreement with Taishan Fiberglass Inc of Taian, Shandong, China. The joint venture will be called Taishan Fiberex Fiberglass Corp (TFFC) and will expand Fiberex’s manufacturing capacity for ECR glass fibres. Fiberex told Reinforced Plastics that the joint venture will be located in Taian. An existing furnace will be rebuilt to produce E-CR glass and subsequently expanded. The capacity will be 30 000 tonnes. The production of the joint venture will be marketed by Fiberex Marketing International (FMI), a subsidiary of Fiberex. Fiberex says that the trend towards higher performance composites has created doubledigit growth for E-CR glass fibres over the past few years. The company notes that E-CR glass has established niche applications globally in infrastructure and
OWENS CORNING, Toledo, Ohio, USA, has announced its emergence from Chapter 11 of the US Bankruptcy Code. The glass fibre producer filed under Chapter 11 in October 2000 to address growing demands on its cash flow resulting from the substantial costs of asbestos personal injury liability. This move follows approval of Owens Corning’s Plan of Reorganisation, the result of an agreement the company reached in May with key creditors groups. Owens Corning says it will now begin the process of making distributions to its financial creditors and to a trust that will resolve its current and future asbestos liability. Owens Corning’s exit financing will come from a combination of new equity and new debt financing. “We are emerging from Chapter 11 in a strong
chemical sectors as a result of its high corrosion and thermal resistance, and that many countries and regulatory bodies now specify the use of E-CR glass fibres for certain applications such underground piping and tanks, electrical insulator rods and silencer in-fills (for automotive applications). “The JV with Taishan Fiberglass recognises the key role being played by China as a strategic manufacturing base,” says Fiberex’s chairman and CEO Fred Atiq. “It should not be surprising that Fiberex chose Taishan to be the pivot supporting our ambitious growth plans in the global E-CR glass fibre markets.” Fiberex started manufacture of E-CR glass fibres in 1998 as a single furnace plant. The company now operates two furnaces running at full capacity. Fiberex Glass Corp; www.fiberex.com Taishan Fiberglass Inc; www.ctgf.com
Saint-Gobain to sell Vetrotex America FOLLOWING the announcement of Saint-Gobain’s and Owens Corning’s plans to merge their reinforcements and composites businesses, SaintGobain has taken the decision to sell its Vetrotex America business. Vetrotex America in Wichita Falls, Texas, employs 760 people and produces fibre glass reinforcements for the composites industry.
8
REINFORCEDplastics
Saint-Gobain has decided to exclude Vetrotex America from the merger because of possible regulatory issues relating to it. It believes that a new owner will provide the business with a stable long term future and would be able to focus on growing the business in key markets. Saint-Gobain; www.saint-gobain.com
November 2006
operational and financial position,” comments Dave Brown, president and CEO. “During the past six years, we have continued to grow our businesses around the world and have strengthened our financial performance. We are pleased to be emerging as an investment-grade company.” The company recently released its third quarter financial results. These included consolidated net sales of US$1.661 billion, a 2.7% increase on the 2005 quarter. “Third-quarter results were in line with our expectations,” says Brown. “Although we experienced significant increases in energy, transportation and raw material costs, we are pleased that we delivered record financial results through the first nine months of 2006.” Owens Corning; www.owenscorning.com
MATERIAL opens US office MATERIAL SA, a Belgian provider of engineering services and software for composites and filament winding technology, is to open an office in the USA. The company has just signed a cooperation agreement with Skinner Creative Inc, a US consultant to the composites industry, which will become the representative of MATERIAL in North America. The two companies will set up a sales and engineering centre called MATERIAL USA as a service point for sales and engineering issues. Engineering services that will be provided
include part and process design, winding program calculation, process optimisation, production planning and prototyping capability using MATERIAL’s winding laboratory in Brussels. The centre will also offer installation, training and maintenance services for CADWIND, MATERIAL’s process simulation system for filament winding and COMPOSITE STAR, its database and design software for composites. MATERIAL; www.material-usa.com Skinner Creative Inc; www.skinnercreative.com