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Fibrebond product sits on a concrete pad at the manufacturer’s location in Minden, La., Thursday, April 18, 2024.
Fibrebond in Minden will have a new owner by the end of the third quarter of 2025, if not before.
The north Louisiana company is known nationally for its electrical modules that power utilities, industry and data centers and is more than 60% through a $150 million expansion.
It is being sold to Eaton Corporation, a company whose website homepage reads like a ‘who’s who’ of nations. The multinational corporation, which is based in Ireland with administrative offices in Beachwood, Ohio, manages electrical, hydraulic and mechanical power for governments and businesses in more than 175 countries.
Their products run the gamut from electrical components to fuel systems for the aerospace industry to clutches and brakes for cars and trucks. In 2018, the company also turned its attention to potential growth in the electric car and commercial fleet market.
Graham Walker, the President and CEO of Fibrebond, said though the company may change ownership, the Fibrebond facility will remain in northwest Louisiana, the employees will keep their jobs, and the current leadership team will be there to see it all through.
“I would never sell if it meant that as an individual and as a family, we were sellouts. And so it's been very important along the way to choose a partner that shares our values, shares our kind of collaborative teamwork atmosphere.” He was also searching for a partner committed to quality and growth of the long-term business.
The decision to sell took shape with Walker’s realization that help was needed to keep up with the company's strong growth and to face the challenges of the market. He believed the help could come in the form of infusions of private equity, a partner or something more.
In October 2024, potential purchasers came calling
The search for potential partners started in 2024 with more than a dozen possibilities. It boiled down to one.
Fibrebond and Eaton already had a ten-year relationship, Walker said. “They have really good people that know how to build teams, they know how to build product, and they know how to build a good culture, and they have always, which is rare in our business, they have always done what they said they were going to do.”
Though Eaton is one of the world’s top four players in the low and medium-voltage electrical industry, boasts the strongest distribution network in North America and has spent more than $13 billion on capital expenditures and investments in the past decade, Walker said the benefit is not a one-way street. The acquisition gives Eaton an opportunity to grow as well.
“We were kind of at the point where, and I've told our team as well, you know, at some point, I'm the person that holds the whole business back, and that's not fair to anybody else, right? And so, if I don't have good sound ideas or a good sound way of executing something that yields more employment in North Louisiana and a better company, then at some point we have to bring in somebody from the outside.”
Walker was looking to get closer to where their customers were and a partner with "tremendous skill" at multisite manufacturing. Eaton, he said, had it all.
“If you're a company that is involved in the data center business, the industrial business, the utility business, anything electrical. I mean, Eaton is the name in the United States.”
Walker said the future is going to involve massive technological change in power generation and supply and the fiber that connects data centers. “There's so many things going on there that any of them alone is a very good market, but in combination, they're just really explosive.”
Northwest Louisiana’s oil and gas history, he says, gives the region a unique edge. “That combination of building things and doing complicated work works great for the data center market. And so you've got a lot of things that are going into a data center, that are being built by companies that a decade ago would have been building for the large oil and gas companies. That’s not in any way coincidental.”
Walker is celebrating ten years as President/CEO of Fibrebond the end of this month, and things are happening very much as he had hoped.
"I wanted it to be, in 10 years, something that I could not have ever imagined it would be, right? So you know that will be a fun thing to be a part of."
Email Liz Swaine at [email protected].
It's a done deal. Eaton Corporation has purchased a Minden-based family business to join its multinational offerings.