Thailand-based Indorama Ventures Public Co. Ltd. (IVL) a global producer of polyester precursors, fiber, yarn and components has decided to take over 80 percent of Germany-based PHP Fibers GmbH and the remaining 20 percent of the PHP will be owned by Japan-based Toyobo Co. Ltd. a global manufacturer of high-performance automotive and other industrial products.

Germany-based PHP Fibers GmbH is a global producer of polyamide 6,6 yarn for applications including airbags and tires, and of polyester industrial yarn.

Toyobo, through its minority ownership of PHP aims to enhance the two companies’ position as an integrated manufacturer of yarn and fabrics for airbag applications.

Aloke Lohia, group CEO, IVL said that this strategic combination of Indorama Ventures’ Fiber business and PHP in Europe, North America and Asia will provide extensive synergies. They are also very proud to partner with Toyobo, an eminent Japanese business leader, in this global venture. The acquisition is expected to strengthen IVL’s ability to speed up the growth of its high-value-added business.