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).
The acquisition of UTT by PHP Fibres brings together two pioneers in the airbag market who have worked together closely and trustingly for more than five decades. With this acquisition, Indorama Ventures is strengthening its portfolio in the airbag sector and adds the UTT weaving sites in Germany and Mexico to the yarn production sites in Germany, the USA and the JV participation in China as well as to the PHP Fibres weaving mills in Germany and the USA established with the expertise of Toyobo.
