By Bill Britt
Alabama Political Reporter
An Auburn-based company with ties to Speaker Mike Hubbard’s felony incidents has been sold to a global investment firm.
CSP Technologies, whose parent company is CV Holdings, LLC, has been purchased by the Paris-based investment group Wendel for $360 million.
Among the State’s 23 felony charges against Hubbard, CV Holdings, LLC, is listed in Counts 11-14. The Chairman of CV Holdings, LLC, is Robert Abrams, a New York State business executive with extensive holdings in Auburn. Count 11 of the criminal indictments states that Hubbard received money from Abrams as part of a lobbying (consulting) contract through Hubbard’s Auburn Network. Hubbard is also accused in Counts 12 and 13 of lobbying the Alabama Department of Commerce and Governor Robert Bentley on behalf of CV Holdings, LLC. Count 14 states that Hubbard used state property and personal to further business interests on behalf of Abrams and CV Holdings, LLC. It is not known at this time if Hubbard played any roll in the CSP Technologies sale.
According to the company’s website, “CSP Technologies is a global provider of custom polymeric solutions and specialty protective packaging. Using our patented Activ-Polymer™ advanced desiccant polymer technology, we manufacture innovative protection solutions that enhance the stability, shelf life and convenience of our customers’ products.” The company has long held a manufacturing facility in France as well as Auburn.
CV Holdings, LLC has other business interests in Auburn, including Si02, which has received a $78 million loan for the Retirement Systems of Alabama (RSA).