Family Investment Group, which specializes in polymer woven and nonwoven fabrics and coatings, announced it has acquired all controlling interest in Propex Operating Company LLC’s (“Propex”) European operations and will be renamed Propex Furnishing Solutions. The agreement also includes the rights to purchase the furnishings business in the U.S., which is expected to be exercised in quarter 2 of 2019.
Propex Furnishing Solutions’ production and operations facilities in Gronau, Germany, Györ, Hungary, and Poznan, Poland, have been trusted suppliers of textile woven and nonwoven polypropylene and polyester fabrics to multiple industries across the European, Middle Eastern and African markets.
“We are pleased to be delivering these outstanding operations and personnel to such a capable group that is focused on long-term investments,” Mike Gorey, CEO of Propex Operating Company LLC, said. “Their relevant knowledge will be essential to maintaining and growing the legacy created by Propex. We look forward to supporting the transition as these businesses prepare for the next phase of growth.”
The excitement of the new Propex Furnishing Solutions entities and employees is very strong, and current customers, vendors and employees should be prepared for a new era of excellence. The new owners have been transparent about their intentions to actively evaluate targeted investments in the new company to create more innovative products and capabilities that will increase product and service offerings for current and new customers.
“With a shared commitment to customer service, including our proven track record of leveraging polymer fabric knowledge and operations, coating technology capability and strong brands to meet customer needs in multiple industries, Propex’s European operations are an ideal fit for our portfolio of companies,” said Robert Dahl, CEO of Propex Furnishing Solutions. “We look forward to welcoming the talented teams at all the European sites, and providing customers with outstanding service and expanded capabilities to meet their evolving needs.”