Indorama Ventures (IVL) and PHP Fibers GmbH(PHP) announced yesterday that IVL had agreed to acquire 80 per cent of PHP, Europe's largest maker of airbag yarn.
The remaining 20 per cent will be held by Toyobo, a Japanese manufacturer of high-function products for the automotive and other industries.
Aloke Lohia, group chief executive officer of IVL, said the acquisition of PHP significantly enhanced his company’s portfolio of high-value-added products with the addition of high-performance automotive and industrial products.
“We believe that the strategic combination of Indorama Ventures’ fibre 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-fibre business to further enrich our global brand as well as create superior value for our customers,” Lohia said.
PHP Fibers is Europe’s largest and the world’s leading producer of polyamide 66 industrial yarn for airbag applications, tyres and mechanical rubber goods, and a leading producer of polyester industrial yarns, with manufacturing locations in Europe, the United States and China.
Toyobo 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 United States , Europe, Asia, South America and others.
The number of employees was 10,566 and the consolidated net sales US$3.6 billion (nearly Bt120 billion) in the fiscal year ended on March 31, 2013.