An affiliate of PUS-based erformance Fibers Holdings has signed a letter of intent to acquire Invista Resins & Fibers' German polyester yarn business.

The acquisition would include both commercial and manufacturing operations in Germany. The two parties are expected to sign the deal in the coming weeks. Terms of the agreement were not disclosed.

The acquisition would represent the third major expansion of Performance Fibers in the past year and is a key component of the company's growth strategy.