Bangkok, Thailand-based Indorama Ventures (IVL) has reached a definitive agreement to acquire automotive fibres producer, Performance Fibers Asia, including all its Asian manufacturing operations and the right to continue using the name Performance Fibers.
Global petrochemicals producer IVL will make the acquisition from an affiliate of private investment firm Sun Capital Partners. Financial terms of the agreement were not disclosed.
Performance Fibers Asia is the leading producer of tyre fabrics in the region and is the second largest production facility of its kind in China.
According to IVL, Asia is the largest and fastest-growing market for tyres globally, accounting for more than 50% of global tyre demand in 2013 and expanding at a compound annual growth rate (CAGR) of 8% over the past five years.
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