Thai chemicals company Indorama Ventures (IVL) has completed the acquisition of German airbag yarn manufacturer UTT Beteiligungsgesellschaft mbH.
Based in Krumbach, southern Germany, UTT has manufacturing sites in Germany and Mexico with a combined capacity to produce around 70 million sqm of fabrics.
UTT also produces other highly specialised solutions in the field of technical textiles, IVL announced 1 March.
In a press release 1 March, IVL said it expected the acquisition to reinforce its position as an integrated supplier of airbag yarns and textiles, and improve its growth in the automotive sector.
“This acquisition represents the continuation of our transformation journey to create a strong platform for sustainable growth,” said Aloke Lohia, CEO of Indorama Ventures.
Airbag fabrics are typically based on polyamide (PA) 66 yarns. Polyester yarns have gained ground in North America and Europe in recent years.