Hercules completes sale of Fibervisions
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Hercules Incorporated announced the completed sale of its 51% interest in FiberVisions, L.L.C., ("FiberVisions"), a wholly-owned subsidiary of the Company, to Snow, Phipps & Guggenheim, L. P., an affiliate of SPG Partners, LLC ("SPG"), a New York-based private equity firm.
Hercules has received initial proceeds of $109 million which will be used to purchase its 11.125% Senior Notes.
FiberVisions is a global producer of specialty fibers for nonwoven fabrics and textile fibers used in consumer and industrial products. It also is the global leader in the marketing of bicomponent specialty fibers through ES FiberVisions, a joint venture with Chisso Corporation.
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