The acquisition fits with IVL’s strategy to further grow the high value-added automotive segment and to establish itself as a major global supplier to the fast-growing tire industry. Kordárna is the largest independent producer of tire cord fabrics in Europe, with two production sites in Slovakia and the Czech Republic that have a combined tire cord and technical fabrics production capacity of 50,000 tonnes per annum. The company employs 786 employees.

According to IVL, the acquisition reinforces its position in the tire cord market, creates significant growth opportunities and enhances IVL’s flexibility to serves the tire industry as a global solution provider. “The acquisition of Kordárna is another demonstration of our aspiration to become a world-scale supplier to the automotive industry,” commented Aloke Lohia Group CEO of IVL.

“Following the acquisitions of PHP, Performance Fibers and Glanzstoff, Kordárna is evidence that we continue to strive to establish a position as a major global supplier in what is a very dynamic environment. Combining our forces will create countless opportunities in enhancing our products and processes to become a provider of sustainable solutions to the industry.”

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