American Fibers & Yarns Co. to shut down plant due to mounting raw material costs

American Fibers and Yarns Company (AF&Y), the world's leading supplier of solution dyed filament yarns has reportedly decided to shut its Afton manufacturing facility in Virginia from Oct 17, 2008. As per an advisor with the company, the prime reason for plant's close down is the staggering rise in prices of polypropylene which is used in number of products. AF&Y has seen a mounting 55-60% rise in raw materials prices including the petroleum based resin, polypropylene. Further, AF&Y's other Bainbridge-based plant in Georgia is supposedly expected to shut down in another month or so, said the advisors with the company. The Afton plant shut down will result in loss of work for about 40 people. Fibers and Yarns has filed for Chapter 11 bankruptcy protection in Delaware, citing debts of US$10 mln to US$50 mln to suppliers.
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