Indorama Ventures completed the acquisition of a 66% stake in Avgol Industries for $306m.

Indorama Ventures, a petrochemicals producer, completed the acquisition of a 66% stake in Avgol Industries, a global manufacturer of nonwoven hygiene fabrics, from Ethemba Capital and Leumi Partners for $306m. "With this acquisition, we are adding a company that has a distinctive position within a compelling segment and with strong growth prospects. Avgol has already made some significant investments to grow the business by expanding its production capacity and geographical footprint and we hope to capture the benefits and help the company reach further heights. Avgol’s established client base, complementary capabilities and substantial presence in high-growth markets, together with Indorama Ventures’ global presence, will provide a strong opportunity for creating additional value to best serve all our customers,” Aloke Lohia, Indorama Ventures Group CEO.