Indorama Acquires PHP Fibers
Thailand-based Indorama Ventures Public Co. Ltd. (IVL) — a global producer of polyester precursors, fiber, yarn and components — has agreed to acquire 80 percent of Germany-based PHP Fibers GmbH — a global producer of polyamide 6,6 yarn for applications including airbags and tires, and of polyester industrial yarn. Japan-based Toyobo Co. Ltd. — a global manufacturer of high-performance automotive and other industrial products — will own the remaining 20 percent of PHP.
“We believe that the strategic combination of Indorama Ventures’ Fiber business and PHP in Europe, North America and Asia will provide extensive synergies,” said Aloke Lohia, group CEO, IVL. “We are also very proud to partner with Toyobo, an eminent Japanese business leader, in this global venture.” The acquisition is expected to strengthen IVL’s ability to speed up the growth of its high-value-added business.
Through its minority ownership of PHP, Toyobo aims to enhance the two companies’ position as an integrated manufacturer of yarn and fabrics for airbag applications.
February 4, 2014