- Endorses IVL’s position as the preeminent player in the tire cord industry and supports customer needs with integrated supply from feedstock to fabrics
- Establishes IVL as the leading tire cord supplier in the growing and highly attractive European market
- Creates substantial synergy potential in the HVA segment
Bangkok, Thailand – 31 October 2018 – Indorama Ventures Public Company Limited (IVL), a global chemical producer, announced the completion of its acquisition of Kordárna Plus a.s., the largest producer of tire cord fabrics in Europe.
Indorama Ventures previously announced its agreement to acquire Kordárna on 29 June 2018. The acquisition fits perfectly with IVL’s strategy to further grow the high value-added automotive segment and to establish itself as a major global supplier to the fast-growing tire industry. Kordárna is the largest independent producer of tire cord fabrics in Europe, with two production sites in Slovakia and the Czech Republic that have a combined tire cord and technical fabrics production capacity of 50,000 tonnes per annum. The company employs 786 employees.
The acquisition reinforces IVL’s leading position in the tire cord market, creates significant growth opportunities and enhances IVL’s flexibility to serves the tire industry as a global solution provider.
Mr. Aloke Lohia Group CEO of Indorama Ventures, said, “The acquisition of Kordárna is another demonstration of our aspiration to become a world-scale supplier to the automotive industry. Following the acquisitions of PHP, Performance Fibers and Glanzstoff, Kordárna is evidence that we continue to strive to establish a position as a major global supplier in what is a very dynamic environment. Combining our forces will create countless opportunities in enhancing our products and processes to become a provider of sustainable solutions to the industry.”