FRANKFURT, Germany — Trevira has confirmed its sale to the consortium of Indorama Ventures PCL of Thailand and Sinterama of Italy effective July 1, 2011 and has appointed Robert Gregan as CEO. According to both sides, the deal was made to focus long-term on building-out the business of fibers and filament yarns.
“The sale to the consortium of strategic investors with direct links to the textile industry provided the best opportunity for sustained development in the future,” said Werner Schneider, chief auditor. Schneider had signed the contract for the consortium to make the purchase in February, 2011 but it was still pending approval from the cartel authorities in Brussels and Turkey. Klaus Holz, MD of Trevira lauded Schneider throughout the process as someone who was instrumental in restructuring the business and thanked him for his two years of service in this effort.
“We are very pleased that all the formalities are at last completed and that we can now together concentrate with our new owners on our business operations,” says Holz.
Gregan meanwhile has become CEO of Trevira and will co-manage the company with Holz, who served as CEO since January. Gregan had previously managed business lines at fiber manufacturers KoSa and Invista. He also served as CEO of Kelheim Fibres and Dolan and as the head of the Nonwoven business unit at Lenzing.
“I have been following the acquisition over the last ten months and have gained good insight,” said Gregan. “It’s now a matter of implementing the projects step by step, together with the workforce and the management team. My predecessors and the experienced team have already set many good and important things in motion, and now we have to strengthen Trevira for future crises. I look forward to this challenge and I am sure that together we will achieve our goals”.
Trevira GmbH is a German-based manufacturer of high quality branded polyester fibers and filament yarns for such sectors as home textiles, apparel, automotive and hygiene and is also used with technical applications. The company employs approximately 1,350 people and reported last year sales of approximately $347 million.
Thai-based Indorama Ventures Public Company Limited is an integrated producer of polyester. It manufactures throughout Asia, Europe and North America in such sectors as food and beverages, personal and home care, health care, automotives, textile and industrial. Its main products are PTA, PET, Polymers and Polyester fibres and yarns and it employs 3,500 people with annual consolidated revenues estimated at $2.3 billion in 2009.
Italian-based Sinterama is a manufacturer of dyed polyester yarns for the automotive, home textile, apparel and technical products industries. Currently, it has a presence with production sites in Italy, U.K., Turkey, Brazil and China. It employs approximately 650 people and sells nearly 30,000 tons of filament yarns with annual sales of $173 million. F&FI