UTT also produces other highly specialised solutions in the field of technical textiles.
The acquisition of UTT reinforces IVL’s position as a global leader and integrated supplier of airbag yarns and textiles. This further accelerates IVL’s growth momentum in the automotive sector by bringing together a complementary product portfolio. IVL can offer a wider choice to its customers from yarns to fabrics.
In addition, the acquisition will also create opportunities for cost synergies and operational improvements for IVL, the Thailand-headquartered company said in a press release.
“I am excited to bring UTT to the IVL family. This acquisition represents the continuation of our transformation journey to create a strong platform for sustainable growth. We can now capture the broader, global market opportunity and continue to elevate our success in the airbag market,” said IVL group CEO Aloke Lohia.
“With our scale and capabilities in automotive safety, we look forward to working together to seize this opportunity for the benefit of all stakeholders,” he added. (RKS)
Fibre2Fashion News Desk – India