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Indorama acquires stake in Avgol

Indorama will acquire a 65.72 per cent stake in Avgol. Avgol Industries, based in Israel, is a hygienic fabric company. Indorama is a chemical fibre producer and a manufacturer of yarns.

The deal is expected to be completed during the second half of 2018.

Avgol manufactures nonwoven fabrics for diapers and feminine hygiene products. The company employs around 900 people across 18 global manufacturing plants, including in North Carolina, Russia, and China, with a combined production capacity of 2,03,000 tons a year. In July 2017, the company sold one of its Israeli factories.

The acquisition is intended to strengthen Indorama’s leadership position in the personal hygiene-oriented nonwovens market, which it considers a high growth segment. Indorama will build on Avgol’s established client base, capabilities and substantial presence in high-growth markets.

Avgol has already made some significant investments to grow the business by expanding its production capacity and geographical footprint.

The hygiene industry is the largest consumer of disposal nonwoven fabric.

Founded in 1994 by Indian businessman Aloke Lohia and employing over 15,000 people, Indorama reported revenues of 8.43 billion dollars and ebitda of around a billion dollars for 2017.

The acquisition gives Avgol a company valuation of around 480 million dollars.

 

 
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