International Fiber Corporation
The Fund’s portfolio company International Filler recently acquired a primary US competitor, Fiber Sales and Development Corporation ("FSD") from DuPont and subsequently changed its name to International Fiber Corporation ("IFC").

IFC is a world leader in the production of cellulose and fiber filler products, principally through its Alpha-Cel, Just Fiber®, Nutra Fiber®, Solka-Floc®, Keycel®, FloAm® and Qual-Flo® branded products. Produced in powder and other forms, the Company’s products are used, among other applications, to provide tasteless and non-caloric bulk to reduced calorie food products; to add non-reactive binder to pharmaceuticals; and to thicken and absorb moisture in industrial fluids.

The merger with FSD provides valuable added dynamics in new market research and development, quality, efficiency, products and customer reach. The combined company can now offer specialty custom fiber as well as blended and low dust fiber. IFC has North American operations in western New York, West Virginia, Ohio and Washington and serves the European market from the Company’s operations in Belgium.