A consortium of Thailand’s Indorama Ventures PCL and Italy’s Sinterama are to take over Trevira, the polyester fibre manufacturer headquartered in Germany. On 4 February the consortium signed a share purchase agreement with Werner Schneider who re-established Trevira in January 2010 following its insolvency in 2009.

With its German locations in Bobingen, Guben and Hattersheim, and the Polish production site in Zielona Góra, Trevira GmbH will be integrated into the global network of Indorama and Sinterama, under a new joint venture company established by the new owners. It will, however, continue to operate as a strong and independent company, the new owners say.

“We have secured in the last year the financial basis for the new Trevira, continued restructuring as scheduled and we have returned to the invest mode. Trevira has finished the year 2010 with a better result than was foreseen in our ambitious planning. The alliance of a European specialist in dyed yarns with global footprint and with the world’s largest manufacturer of polyester offers Trevira now a sustained and secure perspective“, says Schneider. “I am certain that with these partners we have found the investors who are best suited to Trevira.“

IVL Group CEO Aloke Lohia sees the acquisition as an opportunity to strengthen its leadership in innovation and speciality fibres strategy.  “The globally renowned brand of Trevira is a welcome fit to our long term growth and we see the opportunity for a lot of mutually beneficial synergies between Trevira and our global organization.”

“We see Trevira as a long-term investment and important extension“, says Paolo Piana, President of Sinterama, explaining the reasons for the takeover. “Our products and assets complement each other – which means we will be able to offer our customers a stronger and more flexible network for specialities“. The new owners say they also want to foster the strong brand of Trevira and advance its expansion worldwide.

According to Trevira, for its part, it will benefit from being included in the network with a financially strong corporation. “For our customers and partners this means that we will in future have an even better presence globally“, comments Trevira’s Managing Director, Klaus Holz. “Above all, though, it secures continuity in our good relationships.” The deal is expected to be completed by the end April.

Experienced Managing Director Klaus Holz will continue to lead the company. However, after completing the sale, the existing team will be strengthened with Robert Gregan, joining as new CEO. With his sound experience in senior leadership positions at leading fibre and raw material firms, Mr. Gregan will further build and grow the business together with the existing team, the new owners say.

Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB) is a leading integrated producer in the polyester value chain with strong global network and manufacturing across Asia, Europe and North America. The company's main products are PTA, PET, Polymers and Polyester fibres and yarns, which are manufactured and distributed across the world. IVL has approximately 3,500 employees worldwide and annual consolidated revenue of $2.3 billion in 2009.

With its head office in Biella (Italy), Sinterama is a leading European manufacturer of dyed polyester yarns for the automotive, home textile, apparel and technical products industries. It is present in 5 countries with 6 production sites: Italy and Great Britain in Europe, Turkey, Brazil and China. The Group achieves sales of almost 30,000 tons of filament yarns with 650 employees and a turnover of 120 million Euros.