Thailand-based Indorama Ventures Public Company Limited (IVL) has entered into an agreement to acquire Sinterama SpA, a leading global polyester automotive interiors and high performance coloured yarns manufacturer. The acquisition comprises five production sites in four countries—Italy, Brazil, China and Bulgaria, the last being a new market for IVL.

Sinterama, which currently employs 889 people, has a combined capacity of around 30,000 tonnes/ annum. Europe imports over 275 KT of yarns annually and Sinterama can grow and strengthen IVL’s position as local supplier.

Sinterama holds leading positions in the highly specialised applications in Europe, with an excellent reputation and proven technology. The company is vertically integrated from chips to yarns and offers a vast range of coloured polyester yarns for the automotive, furnishing, apparel and technical applications. The acquisition will provide IVL comprehensive and innovative solutions for automotive and home applications to better serve customers and meet customers’ needs in the future.

“This acquisition marks an important milestone in our strategic alliance with Sinterama, which has been a partner in Trevira since 2011 and is the industry partner of choice for high-value filament yarns. While we have achieved significant growth in this space over the past years, we believe Sinterama will be the catalyst for us to consolidate and advance our position in this highly demanding and exclusive market,” said IVL Group CEO Aloke Lohia.

“Sinterama brings along a very experienced team of highly respected professionals who together with IVL management make a formidable combination of managerial excellence.

“Bringing Sinterama’s experience and network of strategically located facilities into IVL will enable us to provide best-in-class offerings for customers. We are now better positioned than ever to meet the needs and exceed the expectations of customers on a truly global scale,” Lohia added.

“It's a great opportunity for Sinterama to become part of such a strong group like Indorama Ventures, global leader in the polyester business. The perfect combination seals twenty years of collaboration and leads to the establishment of a global player leader in high added value polyester yarns and applications,” said Sinterama chairman Paolo Piana.

The transaction is expected to be completed in the third quarter 2019, subject to regulatory approvals. (RKS)