Saint-Gobain acquires GiViDi USA
Wilmington, DE, Aug 26, 2003 – The Mirus Special Sitiations Group announced today that it has advised GiViDi USA Inc., a manufacturer of woven glass fabrics, in the sale of substantially all of its business to Saint-Gobain pursuant to a Sect. 363 sale in the U.S. Bankruptcy Court, Delaware District. Saint-Gobain also signed a license agreement with GiViDi Italia S.p.A., the parent of GiViDi USA, for the use of certain manufacturing technology developed by the Company.
Based in Ridgeway, South Carolina, GiViDi USA Inc. was formed as a wholly-owned subsidiary of GiViDi Italia in 1997 and the Ridgeway plant was constructed to accelerate the worldwide commercialization of several new, patent-protected, manufacturing and glass fabric innovations. In August of 1997, the Company opened the doors of the U.S. operations, immediately becoming a major supplier of rigid board fabric for electronics laminates used in the printed circuit board industry. The Company’s glass fabrics can be produced in a wide variety of thicknesses, weights, weaves, and finishes that are best suited to meet the unique requirements of the Company’s electronic and industrial customers.
Saint-Gobain announced its intention to re-hire a number of employees at the Ridgeway facility that had been furloughed in recent months, and will manage the operation through its Technical Fabrics subsidiary, based in Niagara Falls, NY.
About Saint-Gobain Technical Fabrics
Saint-Gobain Technical Fabrics specializes in the manufacture and sale of reinforcement fabrics and scrims (made of glass, polyester, aramid, and carbon) for construction, engineered composites, and industrial products. Saint-Gobain Technical Fabrics product applications can be found in the construction sector (reinforcement scrims for façade cladding, gypsum, or cement panels), in the engineered composite sector (mesh for road repair and soil stabilisation, fabrics for aircraft parts and helicopter blades), and in the industrial equipment sector (fabrics for the reinforcement of abrasive grinding disks, carpet reinforcement, and scrims for boat sails). Saint-Gobain Technical Fabrics combines both a weaving and a textile transformation company, each with over 50 years of experience, and each occupying the position of leader and expert in their respective markets which are advantageously complementary and global.
About the Mirus Special Situations Group
Mirus provides investment banking solutions to corporate clients in distress, including divestitures, restructurings, and bankruptcy sales. Since 1987, Mirus has provided corporate finance advisory services to clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. For additional information, visit www.merger.com.
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