Trevira GmbH is to have new owners. A consortium of Indorama Ventures PCL (Thailand) and Sinterama (Italy) is taking over Trevira, the polyester fibre manufacturer headquartered in Bobingen, Germany. On 4 February 2011 the consortium signed a share purchase agreement for the acquisition with CA Werner Schneider. Following insolvency in 2009, Schneider re-established Trevira on 1.1.2010 and has since acted as stockholder and Chair of the Supervisory Board at the company. The search for new investors had been announced in the second half of 2010 and the planned sale has reached its conclusion as scheduled.
Consortium of strategic owners With its German locations in Bobingen, Guben and Hattersheim, and the Polish production site in Zielona Góra, Trevira GmbH will be included in the global network of Indorama and Sinterama, under a new joint venture company established by the new owners. It will, however, continue to operate as a strong and independent company.
"We have secured in the last year the financial basis for the new Trevira, continued restructuring as scheduled and we have returned to the invest mode. Trevira has finished the year 2010 with a better result than was foreseen in our ambitious planning. The alliance of a European specialist in dyed yarns with global footprint and with the world's largest manufacturer of polyester offers Trevira now a sustained and secure perspective", says Schneider. "I am certain that with these partners we have found the investors who are best suited to Trevira."
Long-term perspectives IVL Group CEO Aloke Lohia sees this acquisition as an opportunity to strengthen its leadership in innovation and speciality fibres strategy. "The globally renowned brand of Trevira is a welcome fit to our long term growth and we see the opportunity for a lot of mutually beneficial synergies between Trevira and our global organization.
"We see Trevira as a long-term investment and important extension", says Paolo Piana, President of Sinterama, explaining the reasons for the takeover. "Our products and assets complement each other - which means we will be able to offer our customers a stronger and more flexible network for specialities". They also want to foster the strong brand of Trevira and advance its expansion worldwide.
Trevira, for its part, would benefit from being included in the network with a financially strong corporation. "For our customers and partners this means that we will in future have an even better presence globally", comments Trevira's Managing Director, Klaus Holz. "Above all, though, it secures continuity in our good relationships."
Takeover expected to be completed within the 1st quarter of 2011 The final takeover is to follow after conclusion of the necessary legal and organisational formalities. "We anticipate, however, that this will take place rapidly and that we can finish closing in the first quarter", Werner Schneider concludes.
Future Management team The Management team of Trevira with Managing Director Klaus Holz will continue to lead the company. However, after closing, the existing team shall be strengthened with a further Managing Director, Robert Gregan, joining as new CEO. With his sound experience in senior leadership positions at leading fibre and raw material firms, Mr. Gregan will further build and grow the business together with the existing team. Paolo Piana shall be the CEO of the new holding company, taking strong responsibility for the successful cooperation of the owner companies and their holding in Trevira.
UniCredit Bank AG, Germany acted as financial advisor and Orrick's Frankfurt and Milan offices acted as lead counsel to Indorama Ventures and Sinterama for this transaction.