Lenzing Acquires Share in Indonesian Viscose Supplier
July 30, 2009
Move strengthens position in Indonesia and rest of Europe.
The Lenzing Group has acquired a 40% share in the Indonesian holding group PGL (Pura Golden Lion). PGL has been handling the local fiber sales of PT. South Pacific Viscose since its incorporation and holds a 12% share in the fiber manufacturer. Lenzing purchased the 40% share from APAC Centertex, a listed Indonesian spinning group, for an undisclosed sale price. The purchase increases Lenzing's indirect share in PT. South Pacific Viscose from 86% to 91%. This is expected to strengthen Lenzing's position in the Indonesian and all other Asian fiber markets.