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Business

Hercules sells fibers stake

February 6, 2006 | A version of this story appeared in Volume 84, Issue 6
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Hercules will sell a 51% stake in its FiberVisions subsidiary to Snow, Phipps & Guggenheim, an affiliate of New York City-based private equity firm SPG Partners. FiberVisions makes nonwoven fabrics used in consumer and industrial products. Hercules will receive $109 million at closing, and SPG has an option to buy another 14% of FiberVisions for $7.4 million. Also, Hercules will receive additional payments should FiberVisions meet specified performance measures.

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