Indorama Ventures acquires Sinterama
Global chemical producer Indorama Ventures Public Company Limited (IVL) has entered into an agreement that will see it acquire Sinterama SpA, a manufacturer of global polyester automotive interiors and high-performance coloured yarns.
The acquisition comprises five production sites in four countries, namely Italy, Brazil, China and Bulgaria – the latter a new market for IVL – with a combined capacity of around 30,000 tonnes/annum.
Europe imports more than 275 KT of yarns annually and Sinterama will be able to grow and strengthen its position as a local supplier. The company currently employs 889 people.
The transaction is expected to be completed in the third quarter 2019, subject to regulatory approvals.
Sinterama holds leading positions in highly specialised applications in Europe, with an excellent reputation and proven technology. The company is vertically integrated from chips to yarns and offers a vast range of coloured polyester yarns for automotive, furnishing, apparel and technical applications.
Since its inception in 1968, Sinterama has offered the most innovative solutions and invested in cutting-edge product research. Its substantial accumulated knowledge will provide IVL comprehensive and innovative solutions for automotive and home applications to better serve customers and meet customers’ needs in the future.
Sinterama has a strong production base, providing an excellent platform to integrate IVL’s existing specialities business. The highly complementary portfolio, customer base and geographical footprint of the two companies will open up new market opportunities and enhance value for customers by further enabling them to leverage IVL’s existing manufacturing capabilities and supply chain.
Aloke Lohia, Group chief executive of Indorama Ventures said: “This acquisition marks an important milestone in our strategic alliance with Sinterama, which has been a partner in Trevira since 2011 and is the industry partner of choice for high-value filament yarns. While we have achieved significant growth in this space over the past years, we believe Sinterama will be the catalyst for us to consolidate and advance our position in this highly demanding and exclusive market.
Paolo Piana, chairman of Sinterama, added: “It’s a great opportunity for Sinterama to become part of such a strong group like Indorama Ventures, global leader in the polyester business. The partnership seals 20 years of collaboration and will lead to the establishment of a global player leader in high added value polyester yarns and applications.”
Indorama Ventures, listed in Thailand, is one of the world’s leading petrochemicals producers. It has approximately 19,000 employees worldwide and consolidated revenue of US$10.7 billion (Bt329.8 billion) in 2018.
