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Empire Investment Holdings Appoints CFO for its Latest Acquisition Polyester Fibers, LLC
Miami, Florida, May 11, 2009 (Business Wire) - Empire Investment Holdings announced today that Richard G. Stipanovic has been appointed as chief financial officer of Polyester Fibers, LLC. Polyester Fibers was acquired in November 2008 from Leggett & Platt, and is the largest manufacturer and distributor of value-added, high-loft non-woven materials for the bedding, furniture, filtration, and retail marketplace.
Mr. Stipanovic brings an extensive background with over 30 years of experience to Polyester Fibers, having held executive positions with LSG Services, Inc., Chatham Borgstena Automotive, Lucas Aerospace, Curtiss-Wright Corporation and PricewaterhouseCoopers. Mr. Stipanovic holds a bachelors degree from Montclair State University, an MBA from Fairleigh Dickinson University and is a Certified Public Accountant.
"Rich is a proven executive with significant finance and accounting experience, primarily focused in managing large manufacturing and distribution operations," said David F. Alfonso, Empire Investment Holdings’ chairman and chief executive officer. "We are confident that the addition of Rich to our portfolio company’s management team will further enhance and strengthen the positive progress that has been achieved through our transition process."
"This is an exciting time for us and with Rich now onboard, we are closer to completing the extraction process and having a standalone company," said Thomas Wood, Polyester Fibers' president. "The support and transition methodology that Empire has brought to our team is unmatched and has demonstrated to me that manufacturing need not be a dying industry in the United States. We have stronger manufacturing and distribution capabilities being operated by a world-class team that is committed to growing this business."
"We pride ourselves on being recognized for delivering high quality products while maintaining manufacturing facilities and a distribution infrastructure that can serve the U.S., Europe and Canada at very competitive pricing." Mr. Wood said.
About Empire Investment Holdings
Empire Investment Holdings ("Empire") is a private investment firm focused exclusively on the acquisition and strategic management of non-core business units from the Global 2000. Empire adheres to a well defined and focused acquisition strategy that is driven by the firm's history in acquiring, operating and managing over 40 corporate divestitures across several industries. Empire's approach is specialized in addressing the complexities of acquiring corporate divestitures, as well as ensuring post close business continuity. For additional information please visit www.empireih.com
About Polyester Fibers, LLC
Polyester Fibers is the largest and most flexible manufacturer and distributor of value-added, high-loft nonwoven materials for the bedding, furniture, filtration, craft, and seasonal markets in the United States. The company, comprised of 5 operating units; Tupelo Fibers, Cameo Fibers, Cumulus Fibres, Mountain Mist and Buffalo Batt, has more than 450 employees serving thousands of customers in the United States, Canada, and Europe.
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