Thai chemicals, fibres and woollen yarns conglomerate Indorama Ventures has announced the acquisition of European wool and wool-blend worsted yarn producer Schoeller Immobilien – und Beteiligungs GmbH, expanding its presence in Europe.

The deal for the 100% equity stake of the company closed on 28 September 2018 and was executed through Indorama’s indirect subsidiary, Glanzstoff Management. Schoeller has operating plants in Austria, Czech Republic and Germany.

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The Austria facility is a dyeing plant while the Czech Republic plant is responsible for spinning with a capacity of 3600 tons per annum.

Schoeller Immobilien und Beteiligungs GmbH produces worsted yarn from wool and synthetic fibres for industrial and domestic knitting. 

Indorama says the acquisition will further “establish its high-value asset portfolio”.

The transaction is expected to be complete in the second half of 2018. The transaction value was not disclosed.

Last week (25 September) Indorama announced a joint venture agreement with technology innovator Loop Industries to manufacture and commercialise sustainable polyester resin.

The partnership brings together Indorama’s global manufacturing footprint and Loop’s proprietary science and technology to become a reliable world leader in the ‘circular’ economy for 100% sustainable and recycled PET resin and polyester fibre.