Thailand-based chemicals company Indorama Ventures Ltd. (IVL) has acquired Israeli nonwoven hygiene fabrics manufacturer Avgol Nonwoven by buying 66 percent stake in the company.
IVL has acquired stakes from Cayman Islands private equity firm Ethemba and Israeli investment firm Leumi Partners for 5.88 Israeli new shekel per share at a company valuation of 1.7 billion Israeli new shekel ($464 million).
The deal is well aligned with IVL’s strategy of pursuing accretive growth opportunities in the high value-added hygiene segment.
The move offers extensive value creation and synergy within IVL, including growth opportunities in adjacent segments through the strong innovation pipeline.