Indorama Ventures to buy 80 per cent shares of PHP Fibers
February 03, 2014 00:00 3,326 Viewed
Indorama Ventures Public Company Limited (IVL) will acquire 80 per cent shares of PHP Fibers GmbH(PHP), Europe's largest airbag yarn maker, while the remaining 20 per cent will be held by Toyobo, a leading Japanese manufacturer of high-function products
Aloke Lohia, IVL Group Chief Executive Officer, said 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,” he added.