Indorama Ventures, Sinterama Complete Trevira Acquisition
Thailand-based polyester precursor and fiber manufacturer Indorama Ventures PCL (IVL) and
Italy-based dyed polyester yarn manufacturer Sinterama S.p.A. have completed the acquisition of
polyester fiber and filament manufacturer Trevira GmbH, Germany.
The acquisition, which closed on July 1, follows Trevira's emergence from bankruptcy and reorganization into a new company in January 2010. IVL and Sinterama announced their acquisition plans in February 2011, contingent upon approvals by relevant regulatory agencies (See " Sinterama, Indorama Ventures To Acquire Trevira," www. TextileWorld.com, February 22, 2011).
"Trevira is a traditional enterprise with a qualified workforce and great potential for he future," said Werner Schneider, who as Trevira Group's insolvency administrator had shepherded the company through its reorganization and subsequently served as auditor for the acquisition. He stated that the acquisition by IVL and Sinterama — two companies directly involved in textile activities — created the best opportunity for Trevira's future ongoing development.
Trevira Holdings GmbH, formed by IVL and Sinterama to acquire Trevira, will be headed CEO Paolo Piana, who also is president of Sinterama and will become chairman of Trevira's Supervisory Board. Speaking about Trevira's future under the new ownership, Piana said: "The main issues will be to recover a global vision and ambition, competitiveness and capability to lead the market, innovation and quality leadership. Our customers' satisfaction, their success with our products, their pride to be our partners have to be our first and only target."
Reobert Gregan will become Trevira GmbH's CEO, joining Managing Director Klaus Holz in running the company.
Trevira reported satisfactory operations running as planned in the first half of 2011, and that despite downstream challenges owing to the situation in the raw materials markets, the company was making full use of its production capacity. Sectors showing the most positive indications included home textiles and hygiene. Trevira also provides product for apparel, automotive and technical applications.
July 20, 2011
The acquisition, which closed on July 1, follows Trevira's emergence from bankruptcy and reorganization into a new company in January 2010. IVL and Sinterama announced their acquisition plans in February 2011, contingent upon approvals by relevant regulatory agencies (See " Sinterama, Indorama Ventures To Acquire Trevira," www. TextileWorld.com, February 22, 2011).
"Trevira is a traditional enterprise with a qualified workforce and great potential for he future," said Werner Schneider, who as Trevira Group's insolvency administrator had shepherded the company through its reorganization and subsequently served as auditor for the acquisition. He stated that the acquisition by IVL and Sinterama — two companies directly involved in textile activities — created the best opportunity for Trevira's future ongoing development.
Trevira Holdings GmbH, formed by IVL and Sinterama to acquire Trevira, will be headed CEO Paolo Piana, who also is president of Sinterama and will become chairman of Trevira's Supervisory Board. Speaking about Trevira's future under the new ownership, Piana said: "The main issues will be to recover a global vision and ambition, competitiveness and capability to lead the market, innovation and quality leadership. Our customers' satisfaction, their success with our products, their pride to be our partners have to be our first and only target."
Reobert Gregan will become Trevira GmbH's CEO, joining Managing Director Klaus Holz in running the company.
Trevira reported satisfactory operations running as planned in the first half of 2011, and that despite downstream challenges owing to the situation in the raw materials markets, the company was making full use of its production capacity. Sectors showing the most positive indications included home textiles and hygiene. Trevira also provides product for apparel, automotive and technical applications.
July 20, 2011
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