Indorama Ventures Public Company Limited (IVL), through its indirect subsidiary PHP Fibres GmbH (PHP Fibres), has signed a definitive share purchase and transfer agreement with Wilfried Trumpp and Venere Polito, to acquire a 100 per cent stake in UTT Beteiligungsgesellschaft mbH (UTT), Germany. The transaction is expected to complete by Q1 2019.

The acquisition of UTT by PHP Fibres brings together two pioneers in the airbag market who have worked together closely and trustingly for more than two decades. This acquisition will provide an opportunity for IVL to further expand its portfolio in the airbag sector and become an integrated manufacturer of airbag yarns and textiles globally, while offering a wider choice to its customers in a more cost efficient manner, said a media release by IVL.

The value of the above acquisition, calculated in accordance with the regulations of the Capital Market Supervisory Board and the Stock Exchange of Thailand, is less than 15 per cent and the total size of all transactions in the past 6 months also does not exceed the 15 per cent threshold.

UTT is one of the leading suppliers of airbag fabrics and other highly specialised solutions in the field of technical textiles, with two manufacturing sites located in Germany and Mexico and with the annual capacity of approx 12,000 metric tonnes. (PC)