Date: Nov 10, 2011 Author: Kate Irish Collins Source: (
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BIDDEFORD -- For more than 40 years, Fiber Materials Inc. in Biddeford has been on the cutting edge of the carbon composite market, developing a variety of specialty products for use in the defense and aerospace industries.
Now, the company's been sold to the worldwide conglomerate GrafTech International, headquartered in Ohio, for $14 million.
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The sale of Fiber Materials, which was announced last week, shouldn't impact the approximately 160 employees, who work at three separate plants, two in Maine and one in Ohio, according to Betsy Keck, a spokeswoman for GrafTech.
The other Maine plant is in Presque Isle, while the third Fiber Materials plant is located in Columbus, Ohio.
Fiber Materials is well known for its reinforced composites used in strategic missile systems and space re-entry vehicles, along with advances in the commercial use of carbon composites, which are strong and lightweight. That's why the company was so attractive to GrafTech, Keck said.
"Combining the strengths of both companies, GrafTech and (Fiber Materials) will be able to provide an unparalleled product to our customers," she said. "Together we can offer world-class quality, service and delivery."
Keck said GrafTech "expects to increase investment and production at each of (Fiber Materials') three manufacturing facilities, including Biddeford." All three plants are important to the "long-term strategy and growth of GrafTech."
According to its website,
GrafTech is a world leader in graphite material science technology and manufacturing synthetic and natural graphite-based products. It acquired Fiber Materials, Keck said, in order to add the company's advanced carbon composites to GrafTech's line of products.
"(Fiber Materials) adds significant technology in advanced carbon composites to our product portfolio and will aid in propelling continued growth in our engineered solutions segment," Craig Shular, GrafTech chairman and CEO, said in a press release issued on Oct. 31.
In the same press release, Spencer Tolis, president of Fiber Materials, said, "We look forward to working together to best serve our customers. We have a long-term partner in GrafTech, a company that is committed to investing in our facilities and our team members."
Keck said the plan is for Tolis to continue to head up Fiber Materials. However, she also said that in the next few months teams from both companies will "work together to review the organizational structure and determine if changes (are needed) to align the reporting structure with the rest of GrafTech."
According to the press release, GrafTech is a 125-year-old company with customers located in more than 65 countries who represent a wide range of industries and end markets, including steel manufacturing, advanced energy and the latest generation electronics. In addition, GrafTech operates 19 plants on four continents and employs more than 3,200 people, the press release said.
Keck said the acquisition of Fiber Materials by GrafTech "furthers the company's mission to become the world's leading advanced material science company."
Keck said that GrafTech has been working with Fiber Materials for the past several years in order to bring about the sale, which she called a "strategic combination."
Although it has a worldwide presence, Keck also said that the team at GrafTech is looking forward to working with the team from Fiber Materials in Maine and to "being active community partners in Biddeford and Presque Isle."
