A leading global chemical company called Indorama Ventures Public Company Limited (IVL) has acquired UTT Beteiligungsgesellschaft mbH. UTT Beteiligungsgesellschaft mbH is one of the leading suppliers of technical textiles like airbag fabrics. UTT makes about 70 million sqm of fabrics every year and has two manufacturing facilities – one in Germany and one in Mexico.
While 80 percent of UTT will now be owned by PHP Fibers, a company owned by Indorama Ventures, the balance 20 percent will be held by Toyobo. This will bring together two companies which have made a name for themselves as pioneers in the airbag market. Indorama Ventures will now take over the UTT weaving sites in Germany and Mexico in order to expand its portfolio in the airbag sector.
Commenting on the acquisition, Aloke Lohia, Group CEO of Indorama Ventures said that the two companies have collaborated for many years, with UTT being a loyal customer of Indorama’s airbag yarns. He expects UTT’s expertise and its closer relationship with PHP as an outcome of the deal tp advance the goals of both companies and to further strengthen Indorama Ventures’ position as a leader in the airbag segment. He added that the deal highlighted the strategic importance of the Automotive Division for Indorama Ventures as IVL is focusing not only on tire yarns, but also on other trendsetting segments like airbags.”
“Through the acquisition of UTT, Toyobo Group and PHP will become among the world’s top groups that can produce and supply products for airbags, from yarn to fabrics”, commented, Seiji Narahara, President of Toyobo Co., Ltd. He, continued, “It will also reinforce our long-term relationship with Indorama Ventures, which acquired PHP jointly with Toyobo, as a result.”
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