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PRESS RELEASE CONTACT:
January 14, 2009 Bonnie
Morissette 207-784-1125
For Immediate Release
Formed Fiber Technologies
AUBURN, ME -- Formed Fiber Technologies, Inc., (FFT)
Formed Fiber Technologies announces completion of financial
restructuring.
The overall slowdown in automotive sales has had a significant impact
on the ability of automotive suppliers to meet short-term financial
commitments and continue ongoing investments for upcoming new product
launches. FFT has successfully restructured its capital structure with
the help of its major customers, lenders, and its equity sponsor. Conway MacKenzie, Inc. (“CM&D”)
acted as financial advisor and CM&D Capital Advisors, LLC acted as
investment banker to FFT. This new structure will lead to better
operating performance, allow the company to substantially lower its debt
and improve its long term viability.
Mark Bennett, President & CEO stated, “It was necessary to take
this action in order to position FFT as one of the viable suppliers in
these recessionary times.” Bennett
further stated, “We have vigorously addressed our internal cost structure
during the past 18 months, and this was crucial in gaining the support of
our customers, lenders, and equity sponsor.”
“First quarter automotive sales are projected to be down significantly
due to announced automotive plant closures in January and February;
however, FFT has implemented substantial cost reduction initiatives that
will help mitigate the decrease in revenue”, advised John Capasso, Chief
Financial Officer.
Bennett concluded, “Our associates have been instrumental in FFT’s
successful turnaround. With their
ideas, actions, and sacrifices, we have improved the position of FFT to
survive and thrive in these unprecedented times.”
About FFT
Formed Fiber Technologies
is the leading supplier of molded, nonwoven system solutions to North
American automotive OEMs and Tier 1 automotive suppliers. FFT has over 800 associates at three
manufacturing facilities in Maine, Ohio and South Carolina. FFT licenses
its patented and proprietary technology to manufacturers in automotive
centers around the world.
FFT uses post-industrial
and post-consumer recycled materials to produce the polyester and
polypropylene fiber in its products.
For more information on FFT, please visit: www.formedfiber.com
For
more information: www.formedfiber.com
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