Shawmut Corp., a global developer of high performance composites, and Glen Raven Technical Fabrics (GRTF), a global provider of technical fabric solutions, have agreed to terms to merge GRTF’s automotive headliner and specialty industrial fabrics business into Shawmut, a recent press release says. The merger will fully integrate Shawmut’s composite development capabilities and global lamination platform with Glen Raven’s specialty industrial fabrics operation.
The newly merged organization will be majority-owned by Shawmut, with Glen Raven as the minority owner. Shawmut CEO James Wyner will lead the new organization, which will be jointly governed by a three-member board of managers. Harold Hill, president of GRTF, will serve as Glen Raven’s representative on the board.
The combined entity will include all Shawmut locations, as well as Glen Raven’s Park Avenue manufacturing operation and its associated specialty industrial fabric product lines. Those products include fabrics for automotive headliner, ultra-lightweight camouflage and netting systems, military apparel and filtration applications.
The resulting business will employ nearly 700 people in six different countries, with production facilities in the U.S., Mexico, Czech Republic and China, and commercial and technical support offices in the U.S., Germany, China and Japan. The transaction is expected to close mid-summer 2018.
Shawmut Corp., headquartered in West Bridgewater, Mass., develops high-performance composites from textiles, foams, nonwovens and films for the automotive, marine, military and medical markets. Glen Raven Technical Fabrics creates solutions that help keep people safe—from military and protective work wear to water filtration and automotive headliner fabric.