Indorama Ventures Public (IVL) has entered into an agreement to acquire UTT Beteiligungsgesellschaft mbH. UTT is one of the leading suppliers of airbag fabrics and other highly specialised solutions in technical textiles. The company has two sites in Germany and Mexico with approximately 420 employees and produces around 70 million square meters of fabrics.

Subject to regulatory approvals, UTT will be acquired by PHP Fibers, a company owned by Indorama Ventures and Toyobo. With this acquisition, Indorama Ventures will strengthen its portfolio in the airbag sector and add 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 Fibers weaving mills in Germany and the USA established with the expertise of Toyobo.

The combination of both companies will form a leading integrated manufacturer of airbag yarns and textiles globally to offering wider choices to its customers in a more cost efficient manner. The acquisition clearly demonstrates the strategic importance of the Automotive Division for Indorama Ventures. IVL is not only focusing on tire yarns, but also on other trendsetting segments such as airbags.