04 January 2012 13:15 [Source: ICIS news]
LONDON (ICIS)--Thailand-based Indorama Ventures Ltd (IVL) has acquired FiberVisions Holdings, a global manufacturer of specialty mono- and bi-component fibres based in Duluth, Georgia, US, IVL said on Wednesday.
The closing of the transaction, for which financial details were not disclosed, will take place on 6 January, the company added.
FiberVisions has a total global production capacity of 221,000 tonnes/year of specialties, with 117,000 tonnes/year being produced in the US, 90,000 tonnes/year in Europe and 14,000 tonnes/year in China.
The products made by FiberVisions and its subsidiaries are utilised in non-woven industries and used for various applications in hygiene, wipes, construction, automotive and textile sectors.
“These companies have several valuable patents and technologies, together with a strong R&D [research and development] set-up with substantial accumulated research knowledge,” IVL said.
“The acquisition of FiberVisions will significantly enhance IVL’s position in the world’s most specialised fibres business for hygiene products, and complements IVL’s strength as the world’s largest polyester producer with FiberVisions as the largest producer of polypropylene fibre.”
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