SOURCE: Thermafiber, Inc.

October 14, 2008 11:04 ET

Thermafiber Announces $5 Million Investment to Upgrade Equipment, Reduce Energy Consumption and Increase 'Green' Manufacturing Capabilities

WABASH, IN--(Marketwire - October 14, 2008) - Thermafiber, Inc., a leading manufacturer of mineral wool insulation products used in commercial and industrial development as well as many industrial applications, today announced a capital investment of $5 million for equipment modernization in the company's Wabash factory. The company 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," said Steve Edris, President and CEO. "Like many of our customers, including home owners, 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."

Greg Greenberg, a senior partner of Altus Capital Partners, Inc., said, "Thermafiber demonstrates the ability of American manufacturers to survive and prospect 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."

About Thermafiber, Inc.

Thermafiber is a leading manufacturer of premium mineral wool products for use in commercial and industrial applications. 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, Indiana. For more information, please call (260)563-2111 or go to www.thermafiber.com.

About Altus Capital Partners LLC

Based in Westport, CT, 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. Altus is led by a proven, seasoned deal-making team of high integrity that invests alongside management to help seize their current growth opportunities through due diligence and leadership in long-term strategic thinking. With over 50 years of investment experience, the Altus team utilizes its extensive 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. Website: www.altuscapitalpartners.com.

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