Indorama Ventures has entered into an agreement to acquire Sinterama, a leading global polyester automotive interiors and high performance coloured yarns manufacturer. The acquisition comprises five production sites in Italy, Brazil, China and Bulgaria. It has a combined capacity of around 30,000 tonnes/ annum. Europe imports over 275 KT of yarns annually and Sinterama can grow and strengthen its position as a local supplier. The company currently employs 889 people. The transaction is expected to be completed in the third quarter 2019, subject to regulatory approvals, a statement said.
Since its inception in 1968, Sinterama has offered the most innovative solutions and invested in cutting-edge product research. It holds leading positions in the highly specialized applications in Europe, with an excellent reputation and proven technology. The company is vertically integrated from chips to yarns and offers a vast range of colored polyester yarns for the automotive, furnishing, apparel and technical applications.
Aloke Lohia, Group CEO of Indorama Ventures said: “This acquisition marks an important milestone in our strategic alliance with Sinterama, which has been a partner in Trevira since 2011 and is the industry partner of choice for high-value filament yarns. While we have achieved significant growth in this space over the past years, we believe Sinterama will be the catalyst for us to consolidate and advance our position in this highly demanding and exclusive market.”
Paolo Piana, Chairman of Sinterama, said “It’s a great opportunity for Sinterama to become part of such a strong group like Indorama Ventures, a global leader in the polyester business. The perfect combination seals twenty years of collaboration and leads to the establishment of a global player leader in high added value polyester yarns and applications.”