A consortium of Indorama Ventures PCL, based in Thailand and Italy’s Sinterama is taking over Trevira, the polyester fiber manufacturer headquartered in Bobingen, Germany. The consortium signed a share purchase agreement for the acquisition with CA Werner Schneider in early February.Mr.Schneider re-established Trevira—which had filed for insolvency in 2009—on January 1, 2010 and has since acted as stockholder and chair of the supervisory board at the company. The search for new investors was announced in the second half of 2010 and the planned sale has reached its conclusion as scheduled.
With its German locations in Bobingen, Guben and Hattersheim, and a Polish production site in Zielona Góra, Trevira GmbH will be included in the global network of Indorama and Sinterama, under a new joint venture company established by the new owners. It will, however, continue to operate as a strong and independent company.
“We have secured in the last year the financial basis for the new Trevira, continued restructuring as scheduled and we have returned to the invest mode. Trevira has finished the year 2010 with better results than was foreseen in our ambitious planning. The alliance of a European specialist in dyed yarns with global footprint and with the world’s largest manufacturer of polyester offers Trevira now a sustained and secure perspective,” Mr. Schneider said. “I am certain that with these partners we have found the investors who are best suited to Trevira.“
IVL Group CEO Aloke Lohia sees this acquisition as an opportunity to strengthen its leadership in innovation and speciality fibers strategy.“The globally renowned brand of Trevira is a welcome fit to our long term growth and we see the opportunity for a lot of mutually beneficial synergies between Trevira and our global organization.”
“We see Trevira as a long-term investment and important extension,” said Paolo Piana, president of Sinterama, explaining the reasons for the takeover. “Our products and assets complement each other—which means we will be able to offer our customers a stronger and more flexible network for specialities.“ They also want to foster the strong brand of Trevira and advance its expansion worldwide.
Trevira, for its part, would benefit from being included in the network with a financially strong corporation."For our customers and partners this means that we will in the future have an even better presence globally," said Trevira’s managing director, Klaus Holz. “Above all, though, it secures continuity in our good relationships."