The acquisition of UTT reinforces IVL’s position as a global leader and integrated supplier of airbag yarns and textiles. This further accelerates IVL’s growth momentum in the automotive sector by bringing together a complementary product portfolio. IVL can offer a wider choice to its customers from yarns to fabrics. In addition, this acquisition will also create opportunities for cost synergies and operational improvements, according to Aloke Lohia, Group CEO.

“I am excited to bring UTT to the IVL family. This acquisition represents the continuation of our transformation journey to create a strong platform for sustainable growth. We can now capture the broader, global market opportunity and continue to elevate our success in the airbag market,” he said.

“With our scale and capabilities in automotive safety, we look forward to working together to seize this opportunity for the benefit of all stakeholders.”

The company also announced acquisition of DuraFiber Technologies México Operations, S. A. DE C. V. (DFT), in 2017, as part of the strategy to pursue growth opportunities in the high value-added automotive segment. DuraFiber Technologies is a leading Mexican producer of durable technical textiles. Its Queretaro plant in Mexico has a capacity to produce a total of 37,500 tonnes/annum of PET High Modulus Low Shrinkage (PET HMLS), PET Heavy Denier Industrial (PET HDI) and Nylon 6 fully-integrated into tire cord fabrics and industrial and industrial textiles. Its products are used in a wide range of applications including reinforcement for conveyor belts, hoses, single-ply roofing, tents, automotive airbags, seat belts, safety harnesses and ropes.

Indorama Ventures is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and North America. The company’s portfolio comprises Necessities and High Value-Added (HVA) categories of polymers, fibres, and packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA. Indorama Ventures products serve major FMCG and automotive sectors, i.e. beverages, hygiene, personal care, tire and safety segments.

www.indoramaventures.com