17 October 2000 11:46 [Source: ICIS news]
LONDON (CNI)--Dutch fibres group Acordis announced plans on Tuesday to sell its aramid fibres business, Twaron Products, to Japanese chemicals and fibres major Teijin.
Teijin has expressed an interest in purchasing Twaron Products for many years, said an Acordis spokesman, and has now made a "very attractive" offer for the business. The companies expect to reach an agreement in the near future but no financial details were disclosed today.
Folkert Blaisse, Acordis' chief executive officer, said Acordis decided in principle to respond to Teijin's offer because the Japanese company is Twaron Products' optimal owner and has made a commitment to developing the business.
Twaron Products is a stand-alone business which generates sales of about Euro200m ($172m) and produces some 11 000 tonne/year of aramid fibres at three Dutch plants - in Delfzijl, Emmen and Arnhem. It has sales offices in Germany, the US, Brazil and Singapore, and research facilities in Arnhem.
Acordis said Twaron Products is Europe's leading aramid fibres producer, with a 60% market share, and is number two globally, with a 40% market share, after US group DuPont.
Shosaku Yasui, Teijin's president and chief executive officer, said the acquisition of Twaron Products is part of Teijin's strategy to expand its aramid fibres business. "Twaron's positions in European and North American markets provide Teijin with broader geographical coverage from which to better serve an increasingly global customer base," he added
The Japanese company currently produces about 1400 tonne/year of its Technora aramid fibre.
Aramid fibres are used in friction products and gaskets, optical cables, mechanical rubber goods, protective clothing, tyres and composites.
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