Sector News

Performance Fibers selling Asia operations

December 9, 2014
Chemical Value Chain
On 7 December, Performance Fibers – one of the world’s leading producers of industrial polyester fibre and fabrics, and supplier to the tyre industry – signed a definitive agreement to sell its Asia operations to Indorama Ventures PCL (IVL), one of the world’s foremost petrochemical producers. Financial terms of the agreement, expected to close in the next few months, were not disclosed.
 
Earlier this year, Performance Fibers announced the launch of a major business transformation effort that included footprint rationalisation in North America, modernisation of equipment in both North American and Europe, step-change improvements in product quality, and the creation of a product development centre of excellence.
 
“The sale of our Asia operations fits well with and enhances our consolidation of resources to focus on our core business and accelerate our corporate transformation initiatives,” said Wahid Tawfik, chief executive officer – Americas & Europe. “The sale will further strengthen our financial position and, more importantly, accelerates our modernisation, quality and innovation investments.”
 
The sale will have no operational impact on Performance Fibers’ Americas and Europe business, which will continue to operate as a combined entity.
 
Source: Tyre Press

comments closed

Related News

September 25, 2022

France and Sweden both launch ‘first of a kind’ hydrogen facilities

Chemical Value Chain

France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).

September 25, 2022

NextChem announces €194-million grant for waste-to-hydrogen project in Rome

Chemical Value Chain

The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.

September 25, 2022

The problem with hydrogen

Chemical Value Chain

At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?