The leading integrated polyester producer Indorama Ventures Plc. Co. Ltd. (IVL), Bangkok/Thailand, will acquire Kordarna a.s., Velka nad Veličkou/Czech Republic, the largest producer of tire cord fabrics in Europe, from the Czech private equity company Jet Investment, Brno.
The Kordarna acquisition includes one production site in the Czech Republic and one in Slovakia, with a combined tire cord and technical fabrics production capacity of 50,000 tons/year. The company employs a staff of 786. The transaction is expected to be completed during the 2nd half of 2018.
Ventures has also entered into a definitive agreement to acquire a 65.72 % stake in Avgol Industries 1953 Ltd., Tel-Aviv/Israel, an Israellisted global nonwovens manufacturer for a sum of US$ 1.62 per share. The transaction is expected to be completed during the 2nd half of 2018, subject to regulatory approvals.
Avgol has 6 production sites globally in Israel, the USA, Russia, China and India, with a combined production capacity of 203,000 tons/year, and employing 900 employees worldwide.