Bangkok – Indorama Ventures Public Co. Ltd (IVL) has signed an agreement to acquire Austrian tire cord manufacturer Glanzstoff Group, IVL announced 17 April.
Financial details of the transaction were not disclosed, but the deal is expected to be completed in the second quarter of 2017 subject to regulatory approvals.
With plants in Luxembourg, Italy and the Czech Republic, Glanzstoff manufactures cord fabrics and single-end-cords (SECs) for high-performance tire applications. Its products are based on rayon, aramid, polyamide 6,6 and polyester.
The Austrian company also supplies hybrid filament…