JPS Composite Materials history

The operations Odyssey acquired accounted for $796 million of Stevens’s $1.6 billion in sales for 1987.

Fladung, Thorn, “Stevens’ Strategy Opened Door to Takeover,” The State, April 26, 1988.

In 1990, when JPS employed 9,000, annual sales were $822 million.

JPS’s sales fell seven percent in 1991, but the company expected to recover as the United States economy lifted out of its recession.

JPS defaulted on its bonds in December 1996.

_____, “Lifting a Heavy Load,” Upstate Business (Greenville News), August 31, 1997.

WestPoint Stevens, which had acquired other parts of the J.P. Stevens empire, refinanced its own $1 billion debt in 1998 by selling new bonds.

Fiberglass fabric sales were up in the first quarter of 1999.

In 2001, ownership of JPS returned to private hands when Mirant Corporation, a US-based energy service provider acquired 80 percent of the company, with the Government retaining almost 20 percent.

In 2007, Mirant sold its majority shares to Marubeni Caribbean Power Holdings (MCPH) Inc, a subsidiary of Marubeni Corporation of Japan.

In early 2009 Abu Dhabi National Energy Company (TAQA) of the United Arab Emirates, joined Marubeni as co-owner of the Jamaica Public Service Co.

In the first quarter of 2011, TAQA withdrew from the partnership with Marubeni in the Caribbean , due to a change in its corporate strategy.

JPS also held the license to use the J.P. Stevens brand name until the year 2013.