Indorama-led consortium to take over German fibre major Trevira

08 February 2011 18:34  [Source: ICIS news]

TORONTO (ICIS)--A consortium led by Thai polyester major Indorama Ventures has agreed to take over Germany’s fibre and filament firm Trevira, the companies said in separate statements on Tuesday.

Indorama Ventures said it would, through a joint venture with Italian polyester firm Sinterama, acquire 75% of Trevira, with Sinterama acquiring the remaining 25%. Financial details were not disclosed.

Trevira filed for insolvency in 2009 amid the global economic crisis. An attempt to sell it to a group of German investors failed in late 2009.

Trevira said it would now become part of a global network that Indorama and Sinterama were establishing under their new joint venture. However, Bavaria-based Trevira would continue to operate as an independent company, it added.

Werner Schneider, Trevira's supervisory head, said the alliance with Indorama as the world’s largest manufacturer of polyester offered Trevira a sustained and secure perspective.

Indorama CEO Aloke Lohia said Trevira was one of Europe’s best-known specialty fibre and yarns brands with a number of valuable patents and technologies. The acquistion would allow Indorama to further diversify its portfolio, he added.

According to a separate report on Indorama’s website, Trevira has two plants in Germany with a combined capacity of 120,000 tonnes/year, and another plant in Poland. Indorama would supply Trevira with raw materials, the report added.

Trevira was part of India’s petrochemicals major Reliance which bought it in 2004 from Deutsche Bank. Before that, it used to be part of former German chemicals and pharmaceuticals major Hoechst.

In related industry news, an administrator for insolvent German polyamide yarn firm TFG Thuringer Filamente said this week that the firm had been sold to an investor.

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By: Stefan Baumgarten
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