Press Release
IVL ACQUIRES EUROPE’S LARGEST AIRBAG YARN MAKER
Bangkok, Thailand – 3 February 2014 – Indorama Ventures Public Company Limited (IVL) and PHP Fibers GmbH (PHP) announced today that IVL has agreed to acquire PHP.
IVL will hold 80% of PHP and the remaining 20% will be held by Toyobo, a leading Japanese manufacturer of high-function productsto the automotive and other industries.
Mr. Aloke Lohia, Group Chief Executive Officer of Indorama Ventures emphasized that the acquisition of PHP significantly enhances the Company’s High Value Add (HVA) product portfolio with the addition of high performance automotive and industrial products. “We believe that the strategic combination of Indorama Ventures’ Fiber business and PHP in Europe, North America and Asia will provide extensive synergies. We are also very proud to partner with Toyobo, an eminent Japanese business leader, in this global venture.”
“The management team at PHP is highly experienced and we intend to fully leverage this opportunity to develop synergies with our existing portfolio of technical fiber business to further enrich our global brand as well as create superior value for our customers,” Mr. Lohia added. Indorama with PHP will strengthen the groups technological capability to fast track its HVA business growth, creating an integrated global leader in the high performance automotive, tire cord and industrial yarns segment.
About PHP Fibers GmbH
PHP Fibers is Europe’s largest and the world’s leading producer of polyamide 66 industrial yarn for airbag application, tires and MRG articles, and a leading producer of Polyester industrial yarns, with manufacturing locations in Europe, the USA and China. The company is ideally placed in the high-growth and high-technological barrier segments. PHP includes many top-flight global brands among its customer portfolio.
About Toyobo
Toyobo Co., Ltd. was founded in 1882 as a textile company. It expanded its business fields and developed high-performance products in Films and Functional Polymers, Industrial Materials, and Life Science. The Toyobo group has manufacturing and business locations all over the world, in the US, Europe, Asia, South America and others. The number of employees is 10,566 and the consolidated net sales are US$ 3.6 billion for the year ended in March 31, 2013.
IVL will hold 80% of PHP and the remaining 20% will be held by Toyobo, a leading Japanese manufacturer of high-function productsto the automotive and other industries.
Mr. Aloke Lohia, Group Chief Executive Officer of Indorama Ventures emphasized that the acquisition of PHP significantly enhances the Company’s High Value Add (HVA) product portfolio with the addition of high performance automotive and industrial products. “We believe that the strategic combination of Indorama Ventures’ Fiber business and PHP in Europe, North America and Asia will provide extensive synergies. We are also very proud to partner with Toyobo, an eminent Japanese business leader, in this global venture.”
“The management team at PHP is highly experienced and we intend to fully leverage this opportunity to develop synergies with our existing portfolio of technical fiber business to further enrich our global brand as well as create superior value for our customers,” Mr. Lohia added. Indorama with PHP will strengthen the groups technological capability to fast track its HVA business growth, creating an integrated global leader in the high performance automotive, tire cord and industrial yarns segment.
About PHP Fibers GmbH
PHP Fibers is Europe’s largest and the world’s leading producer of polyamide 66 industrial yarn for airbag application, tires and MRG articles, and a leading producer of Polyester industrial yarns, with manufacturing locations in Europe, the USA and China. The company is ideally placed in the high-growth and high-technological barrier segments. PHP includes many top-flight global brands among its customer portfolio.
About Toyobo
Toyobo Co., Ltd. was founded in 1882 as a textile company. It expanded its business fields and developed high-performance products in Films and Functional Polymers, Industrial Materials, and Life Science. The Toyobo group has manufacturing and business locations all over the world, in the US, Europe, Asia, South America and others. The number of employees is 10,566 and the consolidated net sales are US$ 3.6 billion for the year ended in March 31, 2013.