Performance Fibers has announced that its Asian subsidiary has signed an agreement that will give it full ownership of the company's operations in Kaiping, China.  

The subsidiary, Performance Fibers Asia, LLC (PFA), has signed an agreement with Guangdong Kaiping Chunhui Co. Ltd. (Chunhui) to acquire Chunhui's 30% equity share in Performance Fibers Kaiping Company Limited (PFK).

PFK is a joint venture owned by PFA (70%) and Chunhui. Chunhui acquired a 30% equity share earlier this year from Guangdong Kaiping Polyester Enterprise Group (KPE), which had been the minority joint venture partner since 1996.

PFA will become the 100% owner of PFK after the transaction is completed in December 2005.                   

Performance Fibers is a supplier of high-tenacity polyester and a global manufacturer of other man-made industrial fibres and fabrics. With manufacturing facilities in North America, Asia and Europe, its products are used in a wide range of consumer and industrial applications.