Indorama Ventures Public Company Limited (IVL), a leading global chemical company has taken over UTT Beteiligungsgesellschaft mbH, one of the leading suppliers of airbag fabrics and other highly specialized solutions in the field of technical textiles. UTT with two sites in Germany and Mexico produces around 70 million sqm of fabrics.
PHP Fibers, a company owned by Indorama Ventures (80% stake) and Toyobo (20% stake) will take over UTT bringing together two pioneers in the airbag market. Indorama Ventures is expanding its portfolio in the airbag sector by taking over the UTT weaving sites in Germany and Mexico.
“We have known UTT for a long time as a loyal customer of our airbag yarns. The expertise of UTT and the intensified exchange of experience with PHP will advance both companies and further strengthen Indorama Ventures’ leading global position in the airbag segment”, said, Aloke Lohia, Group CEO of Indorama Ventures. He, added, “For the benefit of our customers, we will move even closer to the users in the future in order to be able to respond better and more flexibly to the wishes of our customers, whether for yarns or fabrics. The acquisition also clearly demonstrates the strategic importance of the Automotive Division for Indorama Ventures. IVL is not only focusing on tire yarns, but also on other trendsetting segments such as 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.”