BANGKOK — Indorama Ventures Public Co. Ltd. plans to acquire Glanzstoff Group, a European producer of tire cord fabrics and single-end cords for high-performance tire application.
Indorama, a Bangkok-based global chemicals producer, said it expects the transaction to close during this year's second quarter, subject to regulatory approval. Financial terms weren't disclosed.
Indorama said Glanzstoff offers a wide range of offerings in the tire cord fabrics and single-end cords, with choices in high-performance rayon, aramid, nylon 6.6 and polyester, along with hybrid filament yarns for the high growth and high-performance automotive applications.
It said that Glanzstoff is Europe's largest converter for tire cord fabrics and a global leader for SEC. Glanztoff has manufacturing sites in Luxembourg, Italy and Czech Republic, and is constructing a plant in China.