Bast Fibre Technologies Inc (BFT), a cleantech fiber engineering firm that manufactures specialty natural fiber for applications throughout the nonwovens and textile industries, has entered into a definitive agreement to acquire Lumberton Cellulose LLC (LC) from Koch Industries’ Georgia-Pacific.
Terms of the deal were not disclosed.
LC is a highly automated natural fiber processing facility located in Lumberton, North Carolina. It currently produces high-quality cotton fiber for the cosmetic, filtration, hygiene and nonwovens segments. BFT intends to significantly expand LC’s production capabilities and augment its existing cotton business with domestically grown hemp and flax fiber. LC will continue to supply their current customers which include Georgia-Pacific Consumer Products.
“There is a seismic shift occurring in the nonwoven and textile markets driven by the global movement away from synthetics”, BFT CEO and chairman Noel Hall told Benzinga. “We see significant growth opportunities for non-wood natural fibres and increasing our North American natural fibre processing capacity is key to fulfilling this rapidly growing demand.”
