Bangkok--3 Feb--Indorama Ventures
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 products to 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’sHigh 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 highlyexperienced and we intend to fully leverage thisopportunity to develop synergies with our existing portfolio of technical fiber business to further enrichour 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 itsHVA business growth, creating an integrated global leader in the high performance automotive, tire cord and industrial yarns segment.