POLYQUEST DIVESTS FIBERQUEST TO STREAMLINE OPERATIONS
WILMINGTON, NC, April 16, 2014 —In order to streamline its operations, PolyQuest, Incorporated, is divesting its FiberQuest division effective May 1, 2014. FiberQuest will continue the distribution of polyester staple fibers and cotton. The divestiture is part of a strategy to allow PolyQuest to focus on its core competencies.
Since its inception, PolyQuest's primary focus has been the expansion of its position as North America’s leading distributor of virgin PET resin and manufacturer of post-industrial and post-consumer recycled PET (rPET) products.
"In order to enhance our focus on these key competencies, we have decided to divest our FiberQuest division, which distributes polyester staple fibers and cotton," says John Marinelli, President of PolyQuest.
The FiberQuest division will be split off from PolyQuest and operated as a separate legal entity with Brad Dutton, former Vice President of Textiles for the FiberQuest Division, heading the newly-formed entity. The new FiberQuest entity will be operated by Dutton independent of, and having no ownership affiliation with, the other Quest Entities, which include PolyQuest, Inc., PQ Recycling LLC, Quest Holdings LLC and ChemQuest, Inc.
This divestiture will have no impact on PolyQuest customers, suppliers, employees and other business partners, as PolyQuest will retain all aspects of its business, with the exception of polyester staple fiber and cotton distribution.
PolyQuest is a privately-held company headquartered in Wilmington, NC. Established in 2000, its mission is to provide the most comprehensive, cost-competitive supply portfolio of virgin and recycled PET resins in North America. It offers one of the broadest resin catalogs in the hemisphere, serving every major end application for PET including bottle, sheet, strapping, compounding, film and fiber.
PolyQuest products include virgin prime resins with cutting-edge technology as well as "wide spec" offerings for less critical end applications. PolyQuest is a leading manufacturer of recycled PET products, a value-added processor of PET scrap streams, and is one of the fastest-growing recyclers in the U.S.