CLOVERDALE, CA, May 17, 2018-

In a move that surprised many nonwovens market observers, Bangkok-based raw materials supplier Indorama Ventures announced yesterday it had signed a deal to acquire 65.72% of outstanding shares of Avgol Industries 1953 Ltd. in a $314 million deal expected to close during the second half of this year.

Indorama is well known to nonwovens producers as the owner of polypropylene fiber maker FiberVisions and its ES FiberVisions joint venture with JNC, and such polyester staple fiber (PSF) producers as Auriga Polymers, Wellman International and Trevira. It participates in most of the polyester supply chain and is entering into production of propylene.

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