Libeltex, the non wovens division of British Vita, the UK foam company, is being sold, a number of sources close to the situation said. British Vita was bought by TPG, the US PE firm, at the beginning of 2005 and TPG is selling Libeltex because it does not fit in with the rest of British Vita, the sources added. One source said that TPG is working on the disposal of Libeltex and one other division which it considers to be non-core. The disposals are all part of the cost cutting programme envisaged by TPG when it acquired the business, the source added. The sale of Libeltex is occurring at the same time BBA is selling its Fiberweb non-woven materials arm for around £700m. One source said that Libeltex could be sold for up to £100m. Syndication of the GBP 663m debt financing for the LBO of British Vita hasn't been completed yet, but the leads are understood to be comfortable to sit on the position and wait for the sale to proceed before bringing the debt back to market for further syndication. MLAs JPMorgan and UBS, and TPG would not comment on the situation.