PHILADELPHIA, April 2: Global law firm Morgan Lewis announced that it represented Performance Fibers, a portfolio company of Sun Capital Partners, in a carve-out sale of Performance Fibers Asia, to a wholly-owned subsidiary of Indorama Ventures PCL. Indorama is Thailand’s leading petrochemicals company.
Performance Fibers Asia is a premium manufacturer of automotive fibers and operates the second largest production facility of its kind in China. Performance Fibers’ businesses in Europe and the Americas will continue to operate separately after closing under the ownership of Sun Capital and the leadership of their existing management teams. This acquisition represents the continuation of Indorama Ventures’ strategy to increase and strengthen its presence in the high value-added automotive safety applications. The transaction, the value of which has not been disclosed, closed April 1, 2015.
The multi-office Morgan Lewis team was led by partner David Gerson, and included associates Mark Opitz, Glen Rectenwald and Matthew Schernecke. Partners Anita Polott, Sharon McCullen, Ken Kail, Lucas Chang, Don Shelkey, Judy Walkoff, Harry Robins, Lou Beardell, Patricia Brennan, John Ferreira and Dan Hogans provided assistance, as did counsels Lisa Campisi, Randy McGeorge and Carole Klein, and associates Justine Leach, Gene Park, Ouou Wang, Zarui Kocharyan, Sarah Grimm, Varun Gupte, Emily Kenison, Heather Fuentes and Jacqueline Wang.A press release issued by Performance Fibers can be found here.