Indorama Ventures to Acquire Controlling Interest in Avgol Industries
Avgol has today notified the Tel-Aviv Stock Exchange that an agreement was signed this morning under which HFH International BV, our majority shareholder, will sell its shares, which constitute 50.76% of our issued share capital, to Indorama Ventures Spain SL, a private corporation affiliated to Indorama Ventures Public Company Ltd, part of the Indorama Ventures Group. At the same time, Leumi Partners, another of our shareholders, has also entered into an agreement with Indorama to sell their shares in Avgol, which constitute 14.96% of our issued share capital.
Indorama Ventures Public Company Limited, a DJSI member, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and North America. The company’s portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA where economical. Indorama Ventures products serve major FMCG and Automotive sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. Indorama Ventures has approx. 15,000 employees worldwide and consolidated revenue of US$ 8.4 billion in 2017.
Indorama Ventures is headquartered in Bangkok, Thailand with global operating sites in
EMEA:, The Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland, Czech Republic, Luxembourg, Spain, Turkey, Nigeria, Ghana, Portugal
North America:, USA, Mexico, Canada
Asia:, Thailand, Indonesia, China, India, the Philippines, Myanmar
Commenting on the acquisition, Mr. Aloke Lohia, Group CEO of Indorama Ventures, said, “We are excited by the unique opportunity to bring Avgol into the Indorama Ventures family as it is a major step into expanding our HVA portfolio. With this acquisition, we are adding a company that has a distinctive position within a compelling segment and with strong growth prospects. Avgol has already made some significant investments to grow the business by expanding its production capacity and geographical footprint and we hope to capture the benefits and help the company reach further heights. Avgol’s established client base, complementary capabilities and substantial presence in high-growth markets, together with Indorama Ventures’ global presence, will provide a strong opportunity for creating additional value to best serve all our customers.”
We, the Avgol senior management team, are very excited at the prospect of becoming part of the Indorama Ventures Group and believe it will continue to strengthen our great company and allow us to continue to grow and add value for both our new shareholders, and our existing and future new customers worldwide.
The above share transactions are still subject to a number of legal and regulatory conditions which will be concluded within the next 120 days. In the meantime, we will continue with business as usual, producing and selling world class Non-Woven material. We will provide updates as more details emerge.