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Lenzing Sells Dolan and European Carbon Fiber to Focus on Man-Made Cellulosics

Leading man-made cellulose fiber producer Lenzing announced Wednesday that it sold its fully owned German subsidiary Dolan and its 91.1% stake in European Carbon Fiber to WHEB Partners’ Growth Fund and Jan Verdenhalven.

“The sale comprises part of Lenzing’s strategy to focus on its core business of man-made cellulose fibers. With WHEB and Jan Verdenhalven, Lenzing succeeded in finding financially strong, industry-oriented new owners in which both companies will be able to develop more effectively in the future than up until now,” said Lenzing chief financial officer Thomas Riegler.

Dolan manufacturers high quality, acrylic-based specialty fibers for textiles, protective clothing, convertible car tops, sunshades and garden furniture. The company employs roughly 100 workers and brought in 57.5 million euro ($61.5 million) in revenue last year.

European Carbon Fiber, a joint venture with Kelheim Fibres, makes precursors for the carbon fiber industry. The company generated 10.4 million euro ($11.1 million) in annual revenue in 2014.

“It is important for European Carbon Fiber that WHEB and Jan Verdenhalven already have longstanding industrial experience in the carbon fiber business,” Riegler said. “The company now has interesting growth perspectives once again through a potential cooperation with other companies in the strategic investment portfolio of WHEB.”