Indorama Ventures completes Glanzstoff acquisition

"This is an outstanding asset in our portfolio and the one we have acquired as part of our long-standing ambition to establish a solid foothold in the European auto sector, especially in relation to the tire business. Over the past five years, IVL has invested substantially into creating a diversified earnings stream via its High Value-added (HVA) portfolio. Diversification into HVA, which now accounts for 50 per cent of the company’s core EBITDA, has allowed us to deliver robust earnings on a sustained basis. In order to ensure sharp focus, the business is further segmented into high-growth industry verticals, including automotive and hygiene, and is driven by investments in intellectual property and innovations," Aloke Lohia, Group CEO of Indorama Ventures said.

Indorama Ventures entered into the tire cord business in 2014 with the acquisition of German-based PHP Fibers. The company also owns one of the most prominent polyester tire fabric businesses in China, Performance Fibers. Work commenced at the beginning of 2017 to expand the Performance Fibers manufacturing line due to increased demand from China’s improving economy.

Fibre2Fashion News Desk – India