Indorama Ventures Public Co. Ltd. has completed the acquisition of DuraFiber Technologies México Operations, S.A. DE C.V., a leading Mexican producer of durable technical textiles for industrial, tire reinforcement and specialty applications globally.
IVL previously announced the agreement to acquire Durafiber on August 10th, which is well aligned with its strategy of pursuing accretive growth opportunities in the high value-added automotive segment.
Durafiber is the sole domestic tire-cord fabric producer in Mexico, and has a broad customer base and long-established relationship with major global tire companies. The strategic acquisition of Durafiber expands the breadth of IVL’s tire-cord fabric products, and provides the opportunity to leverage IVL’s global scale and assets to capture synergies and vast market opportunities. The automotive fiber market is growing at 6% CAGR in 2017-2021, and has an estimated value of over US$10 billion.
Aloke Lohia, Group CEO of Indorama Ventures, commented, “We are pleased that Durafiber is now a part of the IVL family. It is an exciting opportunity to strengthen our presence in fast-growing markets in Mexico and Europe, and further enhance the company’s leading position in the automotive segment, where we see an enormous opportunity. With the acquisition of Durafiber, we will be best positioned to address a wide range of applications in the automotive fiber market, and expand capabilities to deliver best-in-market services to our customers.”