INDORAMA Ventures Public Company Limited (IVL) has announced on Wednesday (20) that it has completed the acquisition of Sinterama.
Sinterama is global polyester automotive interiors and high-performance coloured yarns manufacturer.
“This acquisition elevates IVL’s capability to deliver comprehensive and innovative solutions in highly specialised applications, including coloured polyester yarns for the automotive, furnishing, apparel and technical applications,” the company said yesterday.
The combination of IVL’s existing manufacturing capabilities and supply chain with Sinterama’s industry-leading portfolio is expected to give IVL added momentum to serve the increasing demand for automotive and home applications.
Sinterama has approximately 890 employees working at five production sites in four countries in Italy, Brazil, China and Bulgaria, which is a new market for IVL.
Indian-origin billionaire Sri Prakash Lohia-led Indorama has approximately 20,000 employees worldwide with a consolidated revenue of $10.7 billion (£8 billion) in 2018.
With an estimated wealth of £5.8bn, Lohia was ranked top third in this year’s Asian Rich List, published by Eastern Eye.
Aloke Lohia, Group Chief Executive of Indorama Ventures, said: “We are pleased to complete this acquisition and excited to welcome our new colleagues to the IVL family.
“The addition of Sinterama bolsters our leadership position and further differentiating our portfolio to ensure that we are well-positioned to support customers today and in the future. We look forward to delivering on the opportunities that this acquisition provides, and building our journey of growth together.”
Sinterama’s expertise and network of strategically located facilities will be integrated into IVL’s existing specialties business, thereby creating the industry partner of choice for high-value polyester yarns, according to the company.
The Thai-listed company is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and the Americas.
The company is listed in the Dow Jones Sustainability Index (DJSI).
Sri Prakash Lohia owns about one-third of the company.
Along with its affiliate Indorama Ventures in Thailand, Indorama Corporation, headquartered in Indonesia, operates over 70 manufacturing sites in more than 30 countries and employs over 30,000 people worldwide.
Indorama Corporation is the holding company of eight affiliates of Sri Prakash Lohia’s businesses spread around the world, including Indorama Synthetics, Indonesia; Indorama Eleme, Nigeria; Indorama Industries, India; and Indorama Ventures, Thailand.
Lohia was born and brought up in Kolkata, India. However, the Indorama story truly begins in Indonesia for it was there that he relocated with his garment-manufacturing father, Mohan Lal, in the early 1970s.