Indorama Ventures to be largest tyre cord producer in Europe

The acquisition includes one production site in the Czech Republic and one in Slovakia, with a combined tyre cord and technical fabrics production capacity of 57,000 tonnes per annum. 
The company employs 786 people. 
The transaction is expected to be completed during the second half of 2018, subject to regulatory approvals.
Founded in 1948, Kordárna is a leading European manufacturer specialising in cord fabrics for the rubber industry and industrial fabrics for conveyor belts. 
Tyre cord fabrics represent about 75 per cent of Kordárna’s sales. 
It has a broad customer base and long-established relationship with major global tyre companies. Its products reach customers in more than 15 countries in Europe, North America, South America and Asia.
IVL will integrate Kordárna within its existing operations in Europe, giving it 12 manufacturing sites for automotive fibres globally, with 127,000 tonnes per annum capacity.
IVL will be the No 1 tyre cord producer in Europe and the second-largest globally, with a full range of tyre cord fabrics and single-end cords.
This is the company’s sixth acquisition of this year. IVL is known for its strategy of expansion through acquisitions. 
Its share price reached Bt55 in Friday’s morning trading, up from a closing price of Bt54.50 yesterday. The closing price on January 3 was Bt55.75.