Performance Fibers Completes Sale Of Asia Operations; Changes Name To DuraFiber Technologies

HUNTERSVILLE, North Carolina, April 2, 2015 /PRNewswire/ -- Performance Fibers, one of the world's leading producers of industrial polyester fibers and fabrics, today announced that it has completed the sale of its Asia operations to Indorama Ventures PCL, and has changed its name to DuraFiber Technologies, Inc.

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The sale of the Asia operations and name change are the culmination of strategic transformation that has included footprint rationalization in North America, modernization of equipment in both North America and Europe, and process improvements in product quality.

"This sale has enhanced our consolidation of resources to focus on our core business, further strengthened our financial position, and, most importantly, will accelerate our modernization, quality, and innovation" said Frank Papa, Chief Executive Officer of DuraFiber Technologies. "With such impressive improvements across the company, the name change to DuraFiber Technologies communicates to our customers, suppliers, and investors that we have made a significant transformation in our business and are moving forward with a renewed commitment to Operational Excellence."

The sale and name change will have no operational impact on the Americas and Europe business, which will continue to operate as one entity under the DuraFiber Technologies name. Indorama Ventures has retained the rights to the Performance Fibers name.

About DFT DuraFiber Technologies:

DFT DuraFiber Technologies has been at the forefront of the industrial fibers and fabrics industry, developing next-generation technologies and products used in a wide variety of industrial and consumer applications, from tires and offshore mooring ropes to seat belts and sewing thread. DFT DuraFiber Technologies serves some of the world's largest and most critical industries including energy, transportation, and safety.

Contact:
Richard Cutter
+1-704-912-3781
Richard.Cutter@performancefibers.com