Thermafiber makes investment in Wabash plant

By SHEILA RHOADES
Friday, October 17, 2008 9:09 AM EDT

Thermafiber has announced a $5 million investment to upgrade equipment, reduce energy consumption and increase ‘green' manufacturing capabilities.

Thermafiber is a leading manufacturer of mineral wool insulation products used in commercial and industrial development as well as many industrial applications.

It recently announced a capital investment of $5 million for equipment modernization in the company's Wabash factory.

A company spokesman said that the investment will help support its current manufacturing capacity while reducing energy consumption and lowering its carbon footprint.

Thermafiber made the investment in conjunction with Altus Capital Partners, its largest shareholder.

“This is a major commitment by Thermafiber to meet the growing needs of customers around the world for years to come,” Steve Edris, president and CEO, said. “Like many of our customers, including homeowners, architects and building owners, we are looking for ways to lower the impact of rising raw material and energy costs on our own operations while also seeking to increase our Green manufacturing capabilities.

"This investment will continue to improve our operations to meet increasing demand, improve product quality, and reduce our energy consumption,” he added.

Greg Greenberg, a senior partner of Altus Capital Partners, Inc., said, “Thermafiber demonstrates the ability of American manufacturers to survive and prosper with high-quality, design-intensive products made in the U.S. and sold around the world. We are delighted to work with Steve Edris and the Thermafiber management team in further strengthening its leadership position, expanding market share and creating operating efficiencies, even during difficult financing periods.”

Thermafiber's manufacturing processes melt rock and slag (a byproduct of the steel industry) to make mineral fibers for use in a variety of insulation applications that conserve energy, control noise, reduce greenhouse gas emissions and provide life-saving fire protection.

Founded in 1934, Thermafiber is headquartered in Wabash. For more information, call 563-2111 or go to www.thermafiber.com.

Based in Westport, Conn., Altus Capital Partners is a private equity firm that creates value by purchasing and growing profitable small to middle market manufacturing businesses with unrealized potential.

With more than 50 years of investment experience, the Altus team uses its knowledge of the private equity cycle to optimize company value through structured buyouts, recapitalizations, consolidations and divestitures

Altus' investment strategy builds businesses, fosters company loyalty and creates shareholder value. Its Web site is www.altuscapitalpartners.com.