AGY divests continuous filament mat business to Stonewood

The transaction is expected to close in October, pending the satisfaction or waiver of the conditions precedent.

AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. AGY serves a diverse range of markets including aerospace, defense, electronics and industrial.

AGY Huntingdon produces Continuous Filament Mat ("CFM"), a unique glass fiber product used in the production of electrical insulation panels, pultruded shapes for industrial products, energy market products for power generation and oil rig safety, and composite parts for automotive interiors.

Drew Walker, President and CEO of AGY, said, "We are delighted to announce the agreement with Stonewood Capital to purchase our Huntingdon business unit. We see this divestiture and the sale of AGY Shanghai, which was concluded earlier this month, as critical steps in successfully implementing our business strategy. These actions allow us to concentrate more intently on our fine yarns and S-2 products, and provide to our customers, high quality advanced materials that are made in America."

Kenn Moritz, President of Stonewood Capital, said that "Stonewood is excited to invest in the CFM business and assist the Huntingdon management team in its efforts to capitalize on growth initiatives."

Taylor Whitman, Director of BDA’s New York office, added, "BDA is glad to have emerged as a leading advisory firm in the fiberglass space, having now helped AGY execute two transactions in the past few months. We are uniquely placed to assist in the consolidation of this industry, in which US and Chinese companies will inevitably play a significant role."

BDA