- Enhances IVL’s capability and competitive position to serve increasing demand for Automotive Interiors.
- Further strengthens and consolidates IVL’s Automotive interior market
Bangkok, Thailand – 30 July 2019 – Indorama Ventures Public Company Limited (IVL), a global chemical producer, today announced that it has entered into an agreement to acquire Sinterama S.p.A, a leading Global polyester automotive interiors and high performance colored yarns manufacturer. The acquisition comprises five production sites in four countries in Italy, Brazil, China and Bulgaria, the last being a new market for IVL. It has a combined capacity of around 30,000 tonnes/ annum. Europe imports over 275 KT of yarns annually and Sinterama can grow and strengthen its position as local supplier. The company currently employs 889 people.
The transaction is expected to be completed in the third quarter 2019, subject to regulatory approvals.
Sinterama holds leading positions in the highly specialized 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 colored polyester yarns for the automotive, furnishing, apparel and technical applications. Since its inception in 1968, Sinterama has offered the most innovative solutions and invested in cutting-edge product research. It has substantial accumulated knowledge developed over a long period of time. This 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 is a perfect fit for IVL. Sinterama has a strong production base, providing an excellent platform to integrate IVL’s existing specialties business. The highly complementary portfolio, customer base and geographical footprint of the two companies will open up new market opportunities and enhance value to our customer by further enabling them to leverage IVL’s existing manufacturing capabilities and supply chain.
Mr. Aloke Lohia, Group CEO of Indorama Ventures said: “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.
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.”
Mr. Paolo Piana, Chairman of Sinterama, said “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.”
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About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and Americas. The company’s portfolio comprises Integrated PET, Fibers, Packaging, Specialty Chemicals and Olefins. Indorama Ventures products serve major FMCG and Automotive sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. Indorama Ventures has approx. 19,000 employees worldwide and consolidated revenue of US$ 10.7 billion in 2018. The Company is listed in the Dow Jones Sustainability Index (DJSI).
Indorama Ventures is headquartered in Bangkok, Thailand with global operating sites in
|EMEA:||The Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland, Czech Republic, Luxembourg, Spain, Turkey, Nigeria, Ghana, Portugal, Israel, Egypt, Russia, Slovakia, Austria|
|Americas:||USA, Mexico, Canada, Brazil|
|Asia:||Thailand, Indonesia, China, India, the Philippines, Myanmar|
Tel: +662.661.6661 ext. 680
Tel: +662.661.6661 ext. 247
This document contains “forward-looking statements” about the financial condition and results of operations of Indorama Ventures Public Company Limited (the “Company”), which are based on management’s current beliefs, assumptions, expectations and projections about future economic performance and events, considering the information currently available to the management. Any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should, “predicts”, “projects”, “estimates”, “foresees” or similar expressions or the negative thereof, identify or signal the presence of forward-looking statements as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of the Company. Results given here are “Core”, which means excluding inventory gain/losses and one-time extraordinary items