Indorama Ventures Public Co. Ltd. (IVL) has entered into an agreement to acquire UTT Beteiligungsge sell schaftmbH. UTT is one of the leading suppliers of airbag fabrics and other highly specialised solutions in the field of technical textiles. The company has two sites in Germany and Mexico with approximately 420 employees and produces around 70 mn sq mtr of fabrics. Subject to regulatory approvals, UTT will be acquired by PHP Fibres, a company owned by Indorama Ventures (80 per cent stake) and Toyobo (20 per cent stake).