INDORAMA
Takeover bid for Israeli nonwovens maker Avgol fails / Pet giant still holds majority stake
Global PET market leader Indorama Ventures (Bangkok, Thailand; www.indoramaventures.com) has been unsuccessful in its attempt to acquire the outstanding shares in Israeli nonwovens manufacturer Avgol Industries 1953 (Tel Aviv; www.avgol.com). The news comes from a letter from the company to the Bangkok Stock Exchange, which also says that the required quorum of 95% of shareholders willing to sell was not achieved.
 The PET giant acquired a majority stake in the nonwovens producer last decade (Photo Avgol) |
Avgol, which operates six plants in Israel, the US, Russia, China, and India, employs around 800 and is one of the world’s top three manufacturers of diaper and sanitary towel nonwovens. IVL bought a majority holding stake of nearly 66% of the company in 2018 to expand its presence in the hygiene products market.
30.10.2023 Plasteurope.com [253910-0]
Published on 30.10.2023
German version of this article...