The transaction is a logical evolution for Shawmut and GRTF, a division of Glen Raven, whose 18 -year strategic relationship has earned them an undisputed NAFTA market leadership position. The merger will fully integrate Shawmut’s market-leading composite development capabilities and lamination platform with Glen Raven’s warp knitting operations.

The newly merged organisation will be majority-owned by Shawmut, with Glen Raven as the minority owner. Shawmut CEO James Wyner will lead the new organisation, which will be jointly governed by a three-member Board of Managers. Harold Hill, president of GRTF, will serve as Glen Raven’s representative on the Board.

Unlocking next level of synergies

“We are very excited about this next phase of our relationship with our long-time partners at Glen Raven,” said Wyner. “Joining our automotive headliner operations into a single company will unlock the next level of synergies, support continued aggressive technology investment, streamline the global fabric innovation and development process, and reinforce Shawmut’s position as the undisputed market leader in automotive headliner fabrics.”

“The combination of these two industry leaders is powerful,” said Hill. “It brings together two highly-talented organizations with complementary skills and compatible cultures. We are both values-driven companies with an unwavering dedication to our associates, as well as a commitment to excellence. I’m excited by the opportunities this merger will create for both organizations, and for the associates who will have the chance to become part of this new venture.”

Resulting business

The combined entity will include all Shawmut locations together with Glen Raven’s Park Avenue manufacturing operation and its associated specialty industrial fabric product lines. Those products include fabrics for automotive headliner, ultra-lightweight camouflage and netting systems, military apparel and filtration applications.

The resulting business will employ nearly 700 people in six different countries, with production facilities in the US, Mexico, Czech Republic and China, and commercial and technical support offices in the US, Germany, China and Japan.

www.shawmutcorporation.com

www.grtf.com