AFFC Holdings has not yet selected a name for the business. The transaction is expected to be finalized in the fourth quarter of 2004. Financial details of the transaction were not disclosed.
Headquartered in Austell, Ga., BP's Fabrics and Fibers subsidiary is a leading producer of synthetic fabrics throughout the world. It is the world's No. 1 producer of primary carpet backing and secondary carpet backing, and also is a leading producer of synthetic fabrics for use in furniture, bedding, automotive, geotextile, and other industrial fabrics applications.