The sale of the CFM business will allow AGY to focus on its core yarn and speciality roving business, the company says.
AGY anticipates selling the CFM plant and facilities in Huntingdon, Pennsylvania, that make up the CFM business, including the wound products and conductive roving business. Since acquiring the plant in 2007, AGY has produced a glass fibre product used in the production of electrical insulation panels, pultruded shapes for industrial products, energy market products for power generation and oil rig safety, and composite parts for automotive interiors.
AGY will continue operating the plant until a transaction is completed.
While the CFM product line is no longer core to AGY’s strategic plan for the future, it believes the business is poised for growth.
“AGY CFM is a solid business,” says Drew Walker, President of AGY, headquartered in Aiken, South Carolina, USA..
“We believe the business will benefit from being owned by a company aligned with its objectives.”