Indorama Ventures Public Co. Ltd. (IVL; Bangkok, Thailand; www.indorama.net) has announced the acquisition of all Asian manufacturing operations of Performance Fibers Asia (PF Asia) and the right to continue using the name Performance Fibers. IVL will acquire PF Asia from an affiliate of Sun Capital Partners, Inc. PF Asia is a leading producer of premium polyester tire cord fabric in Asia. PF Asia has plants located in Kaiping City, Guangdong province of China, with a capacity of 41,000 metric tons per year (m.t./yr) of polyester tire-cord fabric and 48,000 m.t./yr of polyester tire-cord yarn. The plants are located close to IVL’s existing PET polymers facility in Kaiping and will provide synergy in the raw-material supply chain. PF Asia the 2nd largest producer of polyester tire-cord fabrics in China. Asia is the largest and fastest growing market for polyester tire-cord fabric, accounting for more than 50% of global demand in 2013. The transaction is expected to be completed within the first quarter of 2015 subject to regulatory approvals.
Indorama to acquire manufacturing operations from Performance Fibers Asia
| By Mary Page Bailey