Texmaco-Hoechst jv 'first of many'

11 August 1997 00:00  [Source: ACN]

A NEW joint venture between Texmaco and Hoechst may be the first of many involving the Indonesian and European majors, ACN was told.

Hoechst has signed an LoI to transfer its European textile polyester filament and staple fibre businesses along with the trademark Trevira into the joint venture.

At present, Hoechst's textile polyester business outside Europe, as well as its global businesses for fibres and industrial applications, polyester resins and PE terephthalate, remain with the European major.

'However, if Texmaco proves to be a good joint-venture partner, we may consider further similar arrangements as part of the overall company strategy to move more towards life sciences,' said Reinhard Koschlitzki of Hoechst Trevira.

For Texmaco, which is expected to control 60% of the venture, the move represents another major step in its ambitious western expansion plans.

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