Director and chief financial officer of Fiberweb Daniel Abrams has put his hand in his pocket and bought 70,000 shares in the fabrics producer.
Abrams paid £49,560 for the stake at 70.8p a share on the same day that the firm concluded negotiations with Brazilian spunbound fabrics producer Fitesa over the creation of a joint venture company.
Friday's purchase takes Abrams' stake to 316,000 and comes as Fiberweb shares notch up a new 12-month closing high of 69.25p each.
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Earlier, Fiberweb said the new JV company, owned 50/50 by Petropar and Fiberweb, will be called FitesaFiberweb.
It will focus on markets for lightweight non-woven fabrics, serving producers of disposable hygiene products such as baby and adult nappies and feminine care products
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Value: £52,382
Value: £49,560
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Top Director Sells
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