Indorama Ventures acquire Europe’s tire cord manufacturer

Indorama Ventures to acquire Europe’s tire cord manufacturer

5:07 AM, 25th April 2017
Indorama Ventures to acquire Europe’s tire cord manufacturer
Glanzstoff is a high-performance tire reinforcement company.

BANGKOK, THAILAND: Indorama Ventures Public Company Limited (IVL) has entered into a definitive agreement to acquire Glanzstoff Group. Glanzstoff is a major European manufacturer of tire cord fabrics and single-end-cords (SEC) for high-performance tire applications. This transaction is expected to close during the second quarter of 2017.

Glanzstoff offers a broad range of solutions in the tire cord fabrics and single-end-cords in high-performance rayon, aramid, Nylon 6.6 and polyester in addition to hybrid filament yarns for the high growth and high-performance automotive applications.

Glanzstoff is Europe’s largest converter for tire cord fabrics and a global leader in SEC and is vertically integrated into high tenacity Rayon technology. It has manufacturing sites in Luxembourg, Italy and the Czech Republic.

“The acquisition of Glanzstoff provides a unique opportunity for Indorama to consolidate its leadership position in the tire cord business and strengthens our high value-added (HVA) portfolio. It enhances the company’s value proposition and provides collaborative opportunities with the global automotive tire industry, including those for autonomous and electric vehicles,” said Aloke Lohia, CEO of Indorama Ventures.

“The Glanzstoff platform will expand our footprint beyond polyester and nylon 6.6 by entering into Rayon technology. Our focus remains on delivering best-in-class propositions while driving our global innovation agenda to strengthen the company’s capabilities in the value chain in which we are present. We strive to be a world-class, high-growth company and will continue to explore opportunities to deliver earnings growth and enhanced value in a sustainable manner,” added Lohia.

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