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Germany : EU ok''s Reliance''s take over of German polyester company Trevira |
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2004-8-12
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With formal approval from the European Commission, Reliance Industries, a Fortune 500 company and the largest private sector company, has formally taken over the leading polyester producer in Germany this week.
Considered as Germany''s ‘corporate nugget,’ this German specialty polyester manufacturing company Trevira''s merger deal with Reliance awaiting clearance by the European Commission under the anti-trust regulations.
On Wednesday, Mohan Murti, Reliance''s chief representative in Europe, signed papers at law office Hengler and Mueller in Frankfurt.
The sale agreement was inked earlier in Basel, Switzerland on June 23.
Trevira has annual production capacity of 130,000 tonnes of polyester fibre and yarn is produced at its four locations in Europe - in Bobingen and Guben (Germany), Silkeborg (Denmark), and Quevaucamps (Belgium).
Reliance as per industry experts view had been attracted by Trevira''s state-of-the-art research and development centre in Bobingen, billed as "heart of polyester research."
Trevira holds several patents and has developed technologies to manufacture polyester with wide range of applications, particularly in the automotive and home textiles industries.
The company has a broad customer base and its products are widely used in the interiors of cars manufactured by the leading automakers in Germany as well as the German railways.
The deal will establish Reliance as uncrowned leader in the field. |
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