Indorama Ventures Public Company Limited (IVL), a global company producing chemicals has made a definitive agreement to takes over Avgol Industries Ltd. by purchasing 65.72% stake in an Israel-listed global manufacturer. Avgol has a combined production capacity of 203,000 tonnes/annum with six production sites globally in Israel, the US, Russia, China, and India. Indorama expects completion of the takeover process during the second half of 2018.
By acquiring Avgol, Indorama Ventures has gained in its market leadership in the fast-growing personal hygiene-oriented nonwovens market. IVL, with the acquisition of Avgol, can diversify further its high value-added (HVA) portfolio. Both the companies, together, can offer a comprehensive range of products to their customers. In addition, Indorama Ventures will be able to generate future growth in adjacent segments by providing compelling value and service to its customers worldwide.
“We are excited by the unique opportunity to bring Avgol into the Indorama Ventures family as it is a major step into expanding our HVA portfolio. With this acquisition, we are adding a company that has a distinctive position within a compelling segment and with strong growth prospects. Avgol has already made some significant investments to grow the business by expanding its production capacity and geographical footprint and we hope to capture the benefits and help the company reach further heights”, said, Aloke Lohia, Group CEO of Indorama Ventures. He added, “Avgol’s established client base, complementary capabilities and substantial presence in high-growth markets, together with Indorama Ventures’ global presence, will provide a strong opportunity for creating additional value to best serve all our customers.”
Indorama Ventures Public Company Limited has its presence in countries such as Africa, Asia, Europe and North America. The company offers necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging.