North Charleston, SC, May 17, 2005 - The InterTech Group, Inc. announced today the purchase of the polybenzimidazole fiber and polymer business (PBI) from Celanese Corporation (NYSE: CE). PBI Performance Products, Inc. was formed to complete the acquisition and operate the business as a wholly owned subsidiary of InterTech. All existing management and employees will remain with the business providing a seamless transition for customers and suppliers. Terms of the transaction were not disclosed.
"The InterTech Group has a strong track record of fostering the entrepreneurial spirit within its member companies", remarked Grant Reeves, President of PBI. "For PBI and its employees there will be a committed and focused owner who will support our customers' needs and grow the business. The PBI business has an impressive portfolio of technology that has been effectively commercialized in the fire service sector. Our goal is to realize PBI's potential in new commercial applications built on years of extensive R&D. This commitment to development activities will advance the practical uses of PBI in our chosen industries."
Bill Lawson, PBI's Managing Director & COO, says, "PBI has a strong commitment to its business relationships which is fully supported by our new ownership. We can now act more quickly to the opportunities presented by the market. We are excited to make a new start."
PBI polymer and fibers were developed for NASA to provide unprecedented fire protection. Primary products include branded fibers and fabrics for fire service and industrial protective wear, molded shapes and parts for semiconductor and industrial applications, and films for the emerging proton exchange membrane (PEM) fuel cell market.
In Fire Service, PBI Matrix
