Unifrax Announces Acquisition Deal
Niagara Falls, NY, April 1, 2009 - Unifrax I LLC ("Unifrax"), the Niagara Falls, NY based manufacturer of ceramic fiber insulation products, announced today that through its Indian subsidiary, Unifrax India Limited ("UIL"), it has acquired Chaney Refractories Private Limited ("CRPL"). Terms of the transaction were not disclosed.
CRPL is located in Pune, India and is a manufacturer of wet formed non-woven paper, roll-board and vacuum formed shapes made from ceramic and mineral fibers. They are the largest ceramic fiber paper producer in India. The business has approximately 25 employees who will be joining the Unifrax India team.
Unifrax I LLC is a leading global supplier of insulation products that are used in many high-temperature industrial, automotive and fire protection applications. The Company has 16 manufacturing facilities in the United States, Europe, Asia and Latin America and employs approximately 1,300 people worldwide.
David E. Brooks, Unifrax President and CEO, comments "We have had a very positive long-term working relationship with CRPL. The business has excellent manufacturing capabilities. It is well located to support our growth initiatives in the Indian market and surrounding region".
Brooks added "This acquisition represents another positive step in the continued implementation of the long-term growth strategy for our Company and will strengthen the competitive position of Unifrax in the high-growth Indian market".
Unifrax is owned by the international private equity investment firm AEA Investors LP ("AEA"), and Unifrax management. With offices in New York and London, AEA focuses on investing in companies in the industrial products and services, specialty chemicals, and consumer products sectors. Additional information is available at AEA's web site, www.aeainvestors.com.
For Further information, contact:
Virginia Cantara
Unifrax I LLC
2351 Whirlpool Street
Niagara Falls, N.Y 14305
(716) 278-3832
