Indorama Ventures acquires UTT

Indorama Ventures Public Co. Ltd. has acquired UTT, one of the leading suppliers of airbag fabrics and other highly specialized solutions in the field of technical textiles. The company has sites in Germany and Mexico with approximately 420 employees and produces around 70 million square meters of fabrics. Subject to regulatory approvals, UTT will be acquired by PHP Fibers, a company owned by Indorama Ventures and Toyobo. This acquisition brings together two pioneers in the airbag market that have worked together closely for more than five decades.