Indorama Ventures acquires tire cord maker Glanzstoff
Thailand headquartered Indorama Ventures Public Company Limited (IVL) has entered into a definitive agreement to acquire Glanzstoff Group, a European manufacturer of tire cord fabrics and single-end-cords (SEC). Glanzstoff is Europe’s largest converter for tire cord fabrics with manufacturing facilities in Luxembourg, Italy and the Czech Republic.
Glanzstoff offers a broad range of solutions in the tire cord fabrics and single-end-cords in high performance rayon, aramid, Nylon 6.6 and polyester and also hybrid filament yarns for the high growth and high performance automotive applications.
IVL entered into the tire cord business following the acquisition of PHP Fibers in 2014. Thereafter, it acquired Performance Fibers in 2015 and created a global scale as a result of these acquisitions and has recently announced an expansion of its tire-cord manufacturing line at Performance Fibers in China.
On a pro-forma basis, the combined revenue of PHP Fibers, Performance Fibers and Glanzstoff in 2016 was $602 million. (AR)
Fibre2Fashion News Desk – India