Johns Manville, a Berkshire Hathaway company said it has sold its glass textiles business in Sweden to a Preiss-Daimler group company.
The business is a leading supplier of superior glass wallcoverings in the European markets, including woven as well as nonwoven products.Johns Manville, a Berkshire Hathaway company said it has sold its glass textiles business in Sweden to a Preiss-Daimler group company.The business is#
The acquisition is expected to close on December 31, 2014 and terms of the agreement were not released.
“This high-quality business fits perfectly with our growth strategy and we look forward to welcoming the JM Glass Textiles team to the Preiss-Daimler family,” said Jürgen Preiss-Daimler, founder of Preiss-Daimler.
He added, “Customers can expect continued stable supply from Sweden with innovative products, strong brands and sales and marketing support in the different markets.”
Enno Henze, senior vice president of JM’s Engineered Products business said, “We are confident our employees, customers and suppliers can look forward to an excellent future with the Preiss-Daimler group.”
The German-based Preiss-Daimler group is a conglomerate of international businesses that are engaged with research and development of innovative products in the fields of glass fibres, refractories and environmental services.
The Preiss-Daimler group employs 3,700 worldwide, generating revenue of $600 million.
Johns Manville is a leading manufacturer and marketer of fibres and nonwovens for commercial, industrial and residential applications.
In business since 1858, the Denver-based company has annual sales of approximately $2.5 billion and employs around 7,000 people and operates facilities in North America, Europe and China. (AR)
Fibre2fashion News Desk - India
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