The following press release is from an Investment Banking company who assisted in arranging an investment by the Chinese company Gissing Automotive Systems in ConForm Automotive.  Read the press release here.

 

AKC Note: ConForm is better known within the textile industry as Formed Fiber Technologies which includes the ColorFi polyester staple fiber business based in Sumter, SC. Detroit Technologies (DTI) bought Formed Fiber Technologies in May 2013 and created the business ConForm. The press release claims that ConForm is “North America’s largest manufacturer of needle-punched, nonwoven fabrics and polyester staple fibers”. It is not clear from the announcement the extent of the ownership purchased by Gissing Automotive Systems as it is known that at the time of the acquisition by DTI there were other investors involved. This investment is a continuation of Chinese investment in US automotive supply chain companies.
Alasdair Carmichael
Carmichael International
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Spartanburg
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