Indorama Buys DuraFiber’s Mexican Assets
Indorama Ventures (IVL), the world’s leading PET producer, is to acquire the Mexican operations of US durable technical textiles maker DuraFiber Technology for an undisclosed sum. The transaction will be undertaken by IVL subsidiary Indorama Netherlands and is expected to close in the fourth quarter of 2017, subject to regulatory approvals.
DuraFiber’s plant in Queretaro, Mexico, is co-sited with IVL Mexico and can produce 37,500 t/y of high modulus low shrinkage PET, heavy denier industrial PET and nylon 6 for use in tire cord and industrial textiles.
IVL’s CEO, Aloke Lohia, said: “The acquisition of DuraFiber will align with IVL’s strategy of pursuing accretive growth opportunities in the high value-added segment and complements the current tire cord fabric products. The combination of a strong local company with recognized products and deep insights into the market with IVL’s global scale will enable IVL to better meet customers’ evolving needs.”
At the same time, IVL has agreed to acquire DuraFiber Longlaville in France, which has capacity to produce 35,000 t/y of tire cord yarns. IVL said it would make an additional announcement on this transaction as soon as a definitive share purchase agreement is concluded.
In April, the Thai producer agreed to buy Austria’s Glanzstoff Group, which produces tire cord fabrics and single-end cords at three plants in Luxembourg, Italy and the Czech Republic.
