IVL acquires Europe's largest airbag yarn maker

ERJ staff report (TP)

Wuppertal, Germany − Indorama Ventures Public (IVL) signed a sale and purchase agreement on 31 January to acquire the shares of PHP Fibers GmbH, Germany, and all its subsidiaries.

IVL will hold 80 percent of PHP and the remaining 20 percent will be held by Toyobo, a Japanese manufacturer of high-function products for the automotive and other industries.

IVL, listed in Thailand, is a “global leader” in the polyester value chain with a network stretching across Asia, Africa, Europe and North America. The company has approximately 9,000 employees worldwide and in the last twelve months had a consolidated revenue (ending Q3 2013) of $7.3bn (€5.4bn).

Toyobo will participate as a minority partner in this deal and is especially interested in forming an even stronger partnership with PHP in the area of yarn and fabrics for airbag applications. Together PHP and Toyobo will become the biggest integrated airbag yarn and fabric producer with operations in Europe, US, Japan, Thailand and China.

PHP said the integration within the Indorama Group will create “enormous strategic and operational opportunities”. It will also enable them to accelerate a global growth strategy as a leading supplier of high-tenacity polyamide and polyester filament yarns in its existing and growing markets − especially for airbags, tires and industrial fabrics.

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Press release from PHP