IVL has entered into a definitive agreement with Schoeller Immobilien
Indorama Ventures (IVL) through its indirect subsidiary, Glanzstoff Management GmbH, has entered into a definitive sale and purchase agreement with Schoeller Immobilien – und Beteiligungs GmbH and Schoeller Management GmbH to acquire 100 per cent equity stake of Schoeller Group in Europe. ICL has operating plants in Austria, Czech Republic and Germany.
Schoeller Group is a leading European producer of pure wool and wool blend worsted yarn, having one dyeing facility in Austria and one spinning facility in the Czech Republic, with a total production capacity of 3,600 tons per annum and having numerous industrial and non-industrial applications used by global leading brands. This acquisition will further enhance the HVA portfolio of IVL.
This transaction is expected to be completed within second half of 2018, subject to regulatory approvals, IVL said through the Stock Exchange of Thailand.
The value of the acquisition, calculated in accordance with the regulations of the Capital Market Supervisory Board and the Stock Exchange of Thailand, as prescribed by the regulations of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets, 2004 (as amended), is less than 15 per cent and the total size of all transactions in the past 6 months also does not exceed the 15 per cent threshold limits as prescribed in the regulations. (RR)
Fibre2Fashion News Desk – India