Indorama Ventures Public Company Limited (IVL), headquartered in Bangkok, Thailand, one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe, and America has completed the takeover of Kordárna Plus a.s., the largest producer of tire cord fabrics in Europe.
The takeover is in line with IVL’s strategy to grow further in the high value-added automotive segment. The company is keen to establish itself as a major global supplier to the fast-growing tire industry. Kordárna, with two production sites in Slovakia and the Czech Republic, has a combined tire cord and technical fabrics production capacity of 50,000 tonnes per annum and is the largest independent producer of tire cord fabrics in Europe.
The takeover improves IVL’s flexibility to serves the tire industry as a global solution provider and establishes IVL’s leading position in the tire cord market and creates significant growth opportunities.
“The acquisition of Kordárna is another demonstration of our aspiration to become a world-scale supplier to the automotive industry. 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”, said, Aloke Lohia, Group CEO of Indorama Ventures. He, added, “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 Public Company Limited has a large portfolio that comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA where economical. Indorama Ventures’ customers include major FMCG and Automotive sectors, i.e., Beverages, Hygiene, Personal Care, Tire and Safety segments. Indorama Ventures’ consolidated revenue was US$ 8.4 billion in 2017.