Indorama buy Europe's largest tire cord producer Kordarna

Indorama to buy Europe's largest tire cord producer Kordarna

7:19 AM, 5th July 2018
Indorama to buy Europe's largest tire cord producer Kordarna
Kordarna is the largest producer of tire cord fabrics in Europe.

BANGKOK, THAILAND: Indorama Ventures Public Company Limited (IVL) has entered into an agreement to acquire Kordarna Plus as, the largest producer of tire cord fabrics in Europe.

The Kordarna acquisition from Jet Investment includes one production site in the Czech Republic and one in Slovakia, with a combined tire cord and technical fabrics production capacity of 50,000 tonnes per annum (tpa). The company employs 786 employees.

The transaction is expected to be completed during the second half of 2018.

Tire cord fabrics (TCF) represent about 75 percent of Kordarna’s sales. Kordarna has a broad customer base and long-established relationship with major global tire companies. Its products are supplied to customers in more than 15 countries in Europe, North America, South America and Asia.

Indorama Ventures will integrate Kordarna within its existing operations in Europe, offering synergies from backward integration into Polyester feedstocks and increased production flexibility. Post-acquisition, IVL will have 12 manufacturing sites for automotive fibres globally with 127,000 tpa capacity.

“The acquisition of Kordarna is consistent with our proven HVA strategy for growth through accretive acquisitions. Kordarna is one of the most recognized and trusted brands in the tire industry and has huge potential together with our PHP, Performance Fibers and Glanzstoff businesses to jointly create value for the customers and our stakeholders. By combining our proven capabilities and scale with Kordarna long-standing customer relationships, we will create powerful opportunities to sustainably grow with our first billion-dollar vertical in HVA,” Aloke Lohia, CEO of Indorama Ventures.

“The selling of Kordarna to a strategic industrial player is a logical accomplishment of a successful turnaround project on our side. Since we entered Kordarna in 2010, the company has strengthened its position in all aspects of the business and grown internally to be a leading tire cord producer in Europe,” added Igor Fait, managing partner in Jet Investment.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Praxair sells European assets to Taiyo Nippon Sanso for €5 billion

DANBURY, US: Praxair Inc in accordance with its proposed business combination with Linde AG has signed an agreement to sell the majority of its busine ...

Read more
KBR to revamp Haifa Chemicals’ nitric acid plant in Israel

HOUSTON, US: KBR Inc (NKBR) has been awarded a nitric acid plant revamp contract by Haifa Chemicals Ltd for its plant in Mishor-Rotem, Israel. Under ...

Read more
Chemists synthesis biorenewable, biodegradable plastic alternative

COLORADO, US: Colorado State University polymer chemists have taken another step toward a future of high-performance, biorenewable, biodegradable plas ...

Read more
Arlanxeo plans multi-million-euro expansion of French, Brazilian facilities

MAASTRICHT, NETHERLANDS: Arlanxeo said that it is strengthening its position as the world’s leading manufacturer of synthetic rubber. Over the ...

Read more
Brenntag to acquire CCC’s chemical distribution business

MULHEIM, GERMANY: Brenntag AG has signed an agreement with Canada Colors and Chemicals Ltd to acquire the company’s chemicals distribution busin ...

Read more
BASF acquires 100 pc shares in two 3D printing company

LUDWIGSHAFEN, GERMANY: BASF New Business GmbH (BNB) has acquired all the shares of Advanc3D Materials GmbH in Hamburg and Setup Performance SAS in Lyo ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X