Propex Fabrics Acquires SI Concrete And Geosolutions Units

Austell, GA — Propex Fabrics Inc. has signed a definitive agreement to acquire SI Concrete Systems Corp. and SI Geosolutions Corp.

The combined entity will be one of the world's leading producers of polypropylene-based fabrics for primary and secondary carpet backing, geosynthetic applications and a variety of other industrial end uses. The acquisition is expected to close at the end of January.

Ed Stanczak will remain CEO and President of the combined entity. Headquarters wil be relocated to northern Atlanta, where growing the companies' international presence will be a priority, Propex said. "It is our intention to create a highly diversified and balanced company which will become the best of the best. The intended combination is a classic example of two good companies combining to become one great company. This will be great for customers, employees, shareholders and suppliers," Mr. Stanczak said.

Joe Dana, current CEO of SI, will become the President of North American Operations with its headquarters located in Chattanooga, TN.

Propex was acquired in December 2004 by a group of investors led by Houston-based The Sterling Group L.P., San Francisco– based Genstar Capital L.P. and Houston–based Laminar Direct Capital L.P.

SOURCE: Propex Fabrics