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.
The company operates manufacturing facilities in five locations in the southern United States as well as in Mexico, Germany, Hungary, and Brazil.
"The business is excited to team with Sterling, Genstar and Laminar Direct Capital," said Bradford Mortimer, president of BP's Fabrics and Fibers business. "We believe that competing in our marketplace as an independent company opens the door to pursue many new and energizing opportunities.
"Our primary focus will be on serving the needs of our customers, and we will continue to look for ways to better serve their needs in the future. We have a lot of opportunities ahead, and our new sponsor group will be an excellent partner in pursuing those prospects."