FFT buys Martin Color-Fi

FFT buys Martin Color-Fi

Automotive nonwovens supplier Formed Fiber Technologies (FFT) and its majority investor, Morgenthaler Partners, have acquired polyester fibre maker Martin Color-Fi, Inc (MCF), SC, USA. Terms of the deal were not disclosed.

"Martin Color-Fi represents a critical source of raw material for FFT, both now and for our future growth plans," said David MacMahon, president and chief executive officer of FFT. "This acquisition allows us to consolidate FFT's relatively small solution-dyed polyester fibre manufacturing operation with MCF's larger facility and thus achieve economies of scale."

"The consolidated business will continue to serve all of MCF's current customers, in addition to FFT," said Steve Zagorski, formerly president of MCF and now vice president of manufacturing of the combined operation. "Acquisition by FFT brings increased financial strength to MCF and assures customers of a long-term, reliable source of solution-dyed polyester fibre."

FFT is a leading supplier of thermoformed, nonwoven system solutions to North American automotive OEMs and Tier 1 automotive suppliers. It was acquired from Gates Corp., a wholly-owned subsidiary of Tomkins plc, in August 2003 by Morgenthaler Partners, a middle market buyout company.