Bangkok, Thailand – 26 January 2017 - Indorama Ventures Public Company Limited (IVL), a global chemical producer, held a ribbon cutting ceremony to mark the expansion of its tire-cord manufacturing line at Performance Fibers facility in Kaiping, Guangdong Province, China. This facility has 60,000 tonnes of capacity per year.
Over 100 government representatives, customers, partners, bankers, members of the board of directors of IVL and IVL executives attended the opening ceremony. Among those present were Mr. Vasin Ruangprateepsaeng, the Consul-General of the Royal Thai Consulate-General in Guangzhou, Mr. Xu Xiao Xiong, Vice Mayor of Jiangmen City and Mr. Zheng Huang Pang, Mayor of Kaiping.
IVL first entered China with an investment in Kaiping with acquisition of Guangdong IVL Polymer, a manufacturer of polyethylene terephthalate (PET), in April 2010. Since then, the company has invested sizably in this facility and today it is one of the company's key PET manufacturing facilities in the world. In 2015, the company completed the acquisition of Performance Fibers, the premier producer of tire fabrics in the region and is the 2nd largest production facility of its kind in China.
“Today is another milestone for IVL. This investment represents the continuation of IVL’s strategy to increase and strengthen its presence in the high value-added (HVA) automotive safety market.” said Mr. Aloke Lohia, Group CEO of Indorama Ventures.
“The entire team in China is thrilled to open this new facility and has played a key role in helping us build our facilities and integrate them into the Indorama Ventures way. With this investment, we are strengthening our position in the fast-growing Chinese tire-cord market. When this line starts in early 2018, Performance Fibers will be the largest tire-cord producer in China and IVL will continue to be at the forefront of the industry.”
Mr. Lohia added “Our continue investment in China shows our strong commitment to the country. We measure our success not only in our business achievements, but also by how well we manage our business responsibly.”
Guangdong IVL Polymer has been recognized for their leadership and dedication to environmental protection. The plant received an award from the Special Fund of Jangmen City for Protecting Tan Jiang River Water Resources in recognition of the company investing in a water recycle system to reduce emissions into the Tan Jiang River where the plant is located.
“I am very proud of this recognition and the ongoing environmental stewardship efforts. We will continue to fulfil our responsibility and drive progress towards our vision of being a world-class chemical company,” Mr. Lohia concluded.