Wednesday, February 8, 2012

Trevira: sale completed

The takeover of polyester manufacturer Trevira by the consortium of Indorama Ventures PCL (Thailand) and Sinterama (Italy) is complete. After receiving the green light from the relevant cartel authorities in Brussels and Turkey, the change in ownership finally took place on 01.07.2011. While the contract with auditor, Werner Schneider, to acquire the company had been signed by both investors in February 2011, it had still to await the approval of the cartel authorities.

All those involved expressed their satisfaction with the final stages of the takeover process. „Trevira is a traditional enterprise with a qualified workforce and great potential for the future“, declared Schneider. With a company sale there was always also the question of the people involved and of preserving expertise. The sale to the consortium of strategic investors with direct links to the textile industry provided the best opportunity for sustained development in the future, Schneider said.
Trevira’s Supervisory Board member Hans-Joachim Becker, who had played a decisive role in supporting Schneider during the sales process, also sees this takeover positively: "The new owners are a guarantee for continuity."

Trevira MD Klaus Holz thanked Schneider for his commitment to the company over the last two years and praised his close cooperation with Trevira and his support for important restructuring measures. It had been his declared intent to find investors able to offer Trevira a basis for longterm profitability and with a willingness to support investment in extending the business and the brand. „We are very pleased that all the formalities are at last completed and that we can now together concentrate with our new owners on our business operations“, says Holz. The aim was to rapidly thrash out details of the future strategic pathway, where the main focus now would remain on expanding business in specialty fibres and filament yarns.

Paolo Piana, the designated future Chairman of the Supervisory Board of Trevira GmbH and CEO of Trevira Holdings GmbH, the holding company founded by the new owners, spoke of the objectives of the new owners: “The main issues will be to recover a global vision and ambition, competitiveness and capability to lead the market, innovation and quality leadership. Our customers' satisfaction, their success with our products, their pride to be our partners have to be our first and only target.”

“I am energized to know that Trevira employees will be contributing their knowledge and skills to our growth”, comments Aloke Lohia, Group CEO of IVL. “In return, we hope to make the Trevira brand globally recognized for quality and innovation and ensure that the business grows through the synergy of the comprehensive worldwide network that we and our partners Sinterama have.”

As announced earlier, Robert Gregan (46) is now joining Trevira as CEO. He is to manage the company along with Klaus Holz, who has acted as MD since January. Gregan has spent most of his career in various companies in the man-made fibre industry. Starting with Trevira means a return to his roots for him, since he had begun his working life in the former Hoechst AG. After completing his business studies course, he was active in a variety of functions and sectors, including the fibres division. He subsequently managed Business Lines at fibre manufacturers KoSa and Invista, was CEO of Kelheim Fibres and Dolan and also Head of the Nonwoven Business Unit at Lenzing. He finally worked independently as a consultant.Gregan says that he is looking forward to starting at Trevira. “I have been following the acquisition over the last ten months and have gained a good insight. It’s now a matter of implementing the projects step by step, together with the workforce and the management team. My predecessors and the experienced team have already set many good and important things in motion, and now we have to strengthen Trevira for future crises. I look forward to this challenge and I am sure that together we will achieve our goals”.

The company reports that operations in the first six months of 2011 were running satisfactorily and according to plan. The situation in the raw materials markets continued to present a great challenge for all downstream stages, but capacities were being well exploited. Demand in most market segments was holding at a high level, with home textiles and hygiene showing the main positive signs.

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