Integrated chemicals supplier Indorama Ventures Public Company Limited (IVL) has completed its acquisition of Kordárna Plus a.s., the largest producer of tyre cord fabrics in Europe.
Thailand-headquartered Indorama Ventures previously announced its agreement to acquire Kordárna on 29 June 2018. The acquisition is said to fit perfectly with Indorama’s strategy to further grow the high value-added automotive segment and to establish itself as a major global supplier to the fast-growing tire industry.
Kordárna is the largest independent producer of tyre cord fabrics in Europe, with two production sites in Slovakia and the Czech Republic that have a combined tyre cord and technical fabrics production capacity of 50,000 tonnes/year. The company employs 786 employees.
The acquisition reinforces Indorama’s position in the tyre cord market, creates significant growth opportunities and enhances its flexibility to serves the tyre industry as a global solution provider.
Aloke Lohia Group CEO of Indorama Ventures, said, “The acquisition of Kordárna is another demonstration of our aspiration to become a world-scale supplier to the automotive industry. Following the acquisitions of PHP, Performance Fibres and Glanzstoff, Kordárna is evidence that we continue to strive to establish a position as a major global supplier in what is a very dynamic environment. Combining our forces will create countless opportunities in enhancing our products and processes to become a provider of sustainable solutions to the industry.”