Fiberex Glass, China-based Taishan Fiberglass form JV

Date: 7 November 2006

Fiberex Glass Corp. Canada, a North American manufacturer of E-CR glass fibers for reinforcement of composites, has announced a joint venture agreement with Taishan Fiberglass Inc. (Taian, Shandong, China).

The JV, known as Taishan Fiberex Fiberglass Corp. (TFFC), will augment Fiberex’s existing manufacturing capacity of E-CR glass fibers.

The entire production of the JV will be marketed by Fiberex Marketing International (FMI), a wholly owned subsidiary of Fiberex Glass Corp. The additional E-CR glass fiber production is necessary to meet the growing demand for Fiberex products.

Fred Atiq, Fiberex chairman and CEO, says, “The JV with Taishan Fiberglass recognizes the key role being played by China as a strategic manufacturing base. It should not be surprising that Fiberex chose Taishan to be the pivot supporting our ambitious growth plans in the global E-CR glass fiber markets. I am confident that the professional approach of our JV partner will enhance our position in our targeted markets for years to come.”

Fiberex’s high-performance E-CR glass fibers have found use in underground piping and tanks, electrical insulator rods, silencer in-fills (for automotive applications) and other corrosive applications. The trend towards higher performance composites has created double digit growth for E-CR glass fibers over the past few years.