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Empire Investment Holdings Finalizes the Integration of the Groesbeck Filtration Business Unit
Miami, Florida, March 31, 2011 (Business Wire) – Empire Investment Holdings ("Empire"), a private investment firm focused on the acquisition and strategic management of non-core business units from public and private corporations, announced today that it has finalized the integration of the Groesbeck filtration business unit, formerly a division of Ahlstrom Corporation, with its platform portfolio company, Polyester Fibers.
"I am very pleased with both the speed and accuracy in which our operations team has completed the integration of the Groesbeck filtration business unit into Polyester Fibers," said David F. Alfonso, Empire's chairman and chief executive officer. "We are committed to strategically growing our portfolio company both organically and acquisitively."
The Groesbeck filtration business unit, which is now part of Cumulus Fibres, was acquired from Ahlstrom Corporation on December 15, 2010. With the acquisition, Polyester Fibers added over 100 employees, customers in North America, Asia and Europe and annual revenues of approximately $25 million.
Polyester Fibers remains committed to being the market leader in the nonwoven industry, while providing quality products and unmatched customer service to the various markets it serves.
About Empire Investment Holdings
Empire Investment Holdings ("Empire") is a private investment firm focused on the acquisition and strategic management of non-core business units from public and private corporations. Today, Empire’s portfolio is comprised of 7 operating companies, serving over 10,000 customers worldwide, with an international footprint of 27 facilities encompassing over one million square feet of space with over 1,000 employees. For additional information please visit www.empireih.com.
About Polyester Fibers
Polyester Fibers is the largest and most diverse manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, craft, industrial, automotive and seasonal markets in the United States. The company, comprised of 5 business units: Tupelo Fibers, Cameo Fibers, Mountain Mist, Cumulus Fibres and Buffalo Batt has more than 550 employees serving thousands of customers in North America, Asia and Europe.
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