Facebook to invest $1 billion in Virginia to build data center & solar facilities
ArcelorMittal US$ 1 bn 3-year investment programme in Mexico
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Bombardier signs 50 jets deal with SpiceJet for US$ 1.7 bn
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
02 - 07 OCTOBER 2017
Hyatt expected to double number of hotels in Africa by 2020
METRO to acquire The Jean Coutu Group for US$ 4.5 bn
The Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) as part of a $10bn partnership signed in 2015, today provide an update on their investment collaboration.
To date, RDIF and PIF have deployed and agreed to invest more than $1bn in the Russian public markets and in more than 8 private projects across sectors such as petrochemicals, power, logistics, transport infrastructure and retail.
RDIF and PIF are evaluating additional investment opportunities across a range of sectors, including in retail, real estate, alternative energy projects, transportation and logistics infrastructure.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: “The Russia-Saudi investment organizations have done a huge amount of work, demonstrating their results oriented approach and high level of expertise. They have established strong relationships with both Russian and Saudi companies.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow.
The Russia-Saudi Investment Fund was established by the Russian Direct Investment Fund (RDIF) and the Public Investment Fund (PIF) to invest in attractive projects primarily within Russia that help to strengthen trade, economic and investment cooperation between the Russian Federation and the Kingdom of Saudi Arabia. Priority investment sectors include food production and agriculture, consumer goods and services, healthcare and pharmaceuticals, innovation and hi-tech, and infrastructure.
Russia-Saudi Investments Exceed $1Billion
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Carlisle Companies Incorporated (NYSE:CSL), a global leader in commercial and industrial building envelope products through its Carlisle Construction Materials (CCM) operating segment, announced today that it has entered into a definitive purchase agreement to acquire Accella Performance Materials, the premier specialty polyurethane platform, from Arsenal Capital Partners for $670 million in cash.
Accella Performance Materials offers a wide range of polyurethane products and solutions across a broad diversity of markets and applications. Accella, headquartered in Maryland Heights, Missouri, has annualized revenue of approximately $430 million with pre-synergy estimated transaction EBITDA margins approaching 15%. First year EPS accretion is expected to be $0.09. Transaction EBITDA margins and EPS accretion are defined under “Non-GAAP Measures,” and reconciled to the most directly comparable GAAP financial measures in the related exhibit.
D. Christian “Chris” Koch, Carlisle’s President and Chief Executive Officer, said: “The acquisition of Accella Performance Materials is part of our well-established strategy of providing customers with high quality, innovative solutions for building envelope applications. Accella provides an excellent adjacent opportunity into the attractive polyurethane market, which includes Spray Polyurethane Foam and Liquid Applied Roofing. Both markets are expected to grow annually at 10-15% through 2020, outpacing broader construction market growth. In addition to accessing new products, new technologies and new markets, Accella delivers profitable market diversity to our CCM business.
Carlisle Companies to Acquire Maryland Heights' Accella for $670 million
Statoil, Shell and Total enter CO2 storage partnership
The partners are today signing a partnership agreement to mature the development of carbon storage on the Norwegian continental shelf (NCS). The project is part of the Norwegian authorities’ efforts to develop full-scale carbon capture and storage in Norway.
In June, Gassnova awarded Statoil the contract for the first phase of the project. Norske Shell and Total E&P Norge are now entering as equal partners while Statoil will lead the project. All the partners will contribute people, experience, and financial support.
The first phase of this CO2 project could reach a capacity of approximately 1.5 million ton per year. The project will be designed to accommodate additional CO2 volumes aiming to stimulate new commercial carbon capture projects in Norway, Europe and more globally across the world. In this way, the project has the potential to be the first storage project site in the world receiving CO2 from industrial sources in several countries.
“Statoil believes that without carbon capture and storage, it is not realistic to meet the global climate target as defined in the Paris Agreement. A massive scale up of number of CCS projects are needed and collaboration and sharing of knowledge are essential to accelerating the development. We are very pleased to have Shell and Total as partners and believe their experience and capabilities will further strengthen this project” says Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions. “We trust that this robust partnership is well positioned to develop this first-of-a-kind project”.
Vnesheconombank and Abdel Hadi A. Al-Qahtani & Sons Group of Companies (AHQ, Saudi Arabia) signed an MoU in Moscow on October 4, 2017. The document was signed by Sergey Gorkov, Chairman of Vnesheconombank, and Tariq Abdel Hadi Al-Qahtani, Chairman of AHQ.
VEB and AHQ agreed to build long-term collaboration and business relationship for the mutual benefit of both Parties and their affiliates. AHQ is interested in business activities with Russian companies with the support of VEB.
Sergei Gorkov: “The Near East region is very interesting for VEB in terms of raising capital, joint financing projects and supporting exports. It is important for us to build relationships with companies and institutions of the Gulf countries in order to create opportunities for international investment projects”.
Tariq Abdel Hadi Al-Qahtani: “I believe this agreement is the first and very important step of our cooperation. There are several important areas like chemical industry, agriculture, aviation and automobile industries where we can efficiently work together. Moreover, financial infrastructure will be highly significant for expanding the cooperation between the markets of our countries and reaching new opportunities”
VEB and AHQ Group of companies will jointly develop International projects
The Asian Development Bank’s (ADB) Board of Directors has approved a $50 million loan to help fund rooftop solar power generation systems in Sri Lanka to increase the share of renewable energy sources in the country’s energy mix.
ADB will also administer a $1 million technical assistance from the Asian Clean Energy Fund under the Clean Energy Financing Partnership Facility to help build capacity, increase awareness of stakeholders, and support the project’s implementation in Sri Lanka.
“Sri Lanka’s energy sector has made tremendous progress over the last two and a half decades in bringing electricity to almost everyone in the country,” said Mukhtor Khamudkhanov, an ADB Principal Energy Specialist. “But there is a need to diversify the country’s energy mix toward more renewable and sustainable sources.”
Sri Lanka’s electrification rate stood at 99.3% in 2016 compared to just 29% in 1990, showing steady progress in improving access to electricity.
However, the country remains highly dependent on fossil fuels. In 2016, thermal power contributed 67.2% of the total power generation compared to hydropower’s 24.6% and 8.2% of nonconventional renewable sources.This dependence on carbon-emitting energy sources makes Sri Lanka vulnerable to fluctuating fuel prices, while hampering the government’s efforts to reduce greenhouse gas emissions by 20% as part of its commitment to the Paris agreement.
ADB’s Rooftop Solar Power Generation Project will boost access to clean and reliable power in Sri Lanka. Specifically, the project will finance rooftop solar power subprojects equivalent to additional capacity of 50 megawatts while building capacity and awareness of relevant authorities, private sector partners, and customers. It will also develop a market infrastructure and bankable pipeline of subprojects for the solar power systems through greater cooperation with private financial institutions and the establishment of technical guidelines and standards for the system.
ADB to Help Develop Rooftop Solar Power Systems in
Government of India and European Investment Bank (EIB) today signed the Finance Contract for lending of € 300 million for Bangalore Metro Rail Project Phase II Line R6. The agreement was signed by Shri S. Selvakumar, Joint Secretary (BC), Department of Economic Affairs (DEA), Ministry of Finance on behalf of the Government of India and Mr. Andrew McDowell, Vice President, EIB, on behalf of the EIB.
Bangalore Metro Rail Project Phase II is to be jointly financed by the European Investment Bank (€500 million) and Asian Infrastructure Investment Bank (€300 million). The first tranche of Euro 300mn was signed today. The project envisages extension of East-West & North-South lines for Bangalore Metro Rail which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations. The project implementation period is 5 years from date of commencement of the Project.
India signs $350 million agreement with European Investment Bank for Bangalore Metro Phase II
IFC Invested in Turkey’s Sole Oil Refiner Tüpraş to Boost Resource Efficiency and Enhance Global Competitiveness
IFC, a member of the World Bank Group, is granted a 7-year loan of approximately $100 million to Tüpraş, Turkey’s oil refiner and largest industrial company to support its investment plans concerning environmental upgrades, improvement in efficiency, and research & development activities.
With IFC’s investment, Tüpraş will install new sulfur recovery units in İzmit, İzmir and Kırıkkale Refineries to optimize its crude oil processing capability and improve sulfur emissions. The new investments will also include an increase in the capacity of the continuous catalyst regeneration platformer in İzmir Refinery to increase Tüpraş’ global competitiveness by allowing the company to produce more value-added products using the same feedstock.
Tüpraş CFO Doğan Korkmaz said: “Tüpraş is constantly investing in best available technologies to provide its customers sustainable solutions for their fuel needs. With additional sulfur recovery units we will be ready to support maritime industry in their efforts to change into low sulfur marine fuel before the regulation change planned for 2020. It is good to have IFC partnering us in this effort, providing us the long term financing for this good cause and enable us follow high environmental standards.”
The investment will support Tüpraş to ensure value added, resource efficient local refining capacity for Turkey, where demand for refined products grew above 2,5% per year over the last 20 years.
Carsten Muller, IFC Director of Manufacturing, Agribusiness and Services in Europe, Middle East and North Africa said: “The commitment of large industrial companies as Tüpraş to sustainable practices and resource efficiency is very important to encourage others. This financing will allow Tüpraş to boost its existing modernization and invest in R&D to move up the value chain, while adopting high environmental standards.”
ADB to Improve Basic Infrastructure, Living Environment in Changji, Xinjiang
The Asian Development Bank’s (ADB) Board of Directors has approved a $150 million loan to improve basic infrastructure and living environment in the Changji Hui Autonomous Prefecture of Xinjiang Uygur Autonomous Region in the People’s Republic of China (PRC).
Changji, a prefecture surrounding Xinjiang’s capital Urumqi, is rapidly urbanizing, because of Urumqi’s strategic location as the gateway to Central Asia. Changji’s growth, however, remains constrained by significant challenges in urban infrastructure and urban services delivery, which need to be supported by good urban planning and environmental protection efforts. As a result, many people living in the urban area—a large portion of them migrants from rural areas—still lack access to safe and reliable basic urban infrastructure services. The project covers the city of Fukang and counties of Hutubi and Qitai.
“The project aims to help the government establish a livable environment and sound economic base in the Urumqi-Changji economic corridor by responding to economic and social development challenges,” said Hinako Maruyama, an Urban Development Specialist at ADB. “We look forward to working with our counterparts to improve urban infrastructure and services delivery supported by sound planning in Fukang, Hutubi, and Qitai, to help people, including rural migrants, take full advantage of growing opportunities presented by the economic corridor.”
Specifically, the Xinjiang Changji Integrated Urban-Rural Infrastructure Demonstration Project will help local governments better manage the water supply and solid waste in Qitai. It will also fund the planting of trees in Fukang, which will help preserve soil, reduce flooding, and form ecological protection shelterbelts. The project will also construct or rehabilitate roads and install utility pipes for water, wastewater, heating, and gas in the three project areas.
Boeing announces to acquire Aurora Flight Sciences
Boeing, plans to acquire Aurora Flight Sciences Corporation, a world - class innovator, developer and manufacturer of advanced aerospace platforms, under an agreement signed by the companies. Aurora specializes in autonomous systems technologies to enable advanced robotic aircraft for future aerospace applications and vehicles.
"The combined strength and innovation of our teams will advance the development of autonomy for our commercial and military systems," said Greg Hyslop, chief technology officer and senior vice president of Boeing Engineering, Test & Technology. "Together, these talented teams will open new markets with transformational technologies."
Leveraging autonomous systems that include perception, machine learning and advanced flight control systems, Aurora has designed, produced and flown more than 30 unmanned air vehicles since the company was founded in 1989. Aurora Flight Sciences is a leader in the emerging field of electric propulsion for aircraft. During the last decade, Aurora has collaborated with Boeing on the rapid prototyping of innovative aircraft and structural assemblies for both military and commercial applications.
"Since its inception, Aurora has been focused on the development of innovative aircraft that leverage autonomy to make aircraft smarter," said John Langford, Aurora founder and chief executive officer. "As an integral part of Boeing, our pioneered technologies of long-endurance aircraft, robotic co-pilots, and autonomous electric VTOLs will be transitioned into world-class products for the global infrastructure."
Terms of the agreement were not disclosed. This transaction, anticipated to close following receipt of customary regulatory approvals, does not affect Boeing's financial guidance. Once acquired, Aurora will be a subsidiary under Boeing Engineering, Test & Technology known as Aurora Flight Sciences, A Boeing Company. It will retain an independent operating model while benefiting from Boeing's resources and position as the leading provider of aerospace products and services.
Sunpartner opens a new production site and raises $17.5 million from the European Investment Bank
SUNPARTNER Technologies, a pioneering company which develops and integrates photovoltaic glass for the building, consumer electronics and transportation markets, has announced the opening of a new production site in Rousset, near Aix-en-Provence. During the opening ceremony, the company and the European Investment represented by his Vice-President, Ambroise Fayolle, signed a EUR 15 million financing to boost the development and research programs of the company. The EIB financing is guaranteed under the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe commonly known as Juncker Plan.
The EFSI-backed financing will allow the company to establish its commercial infrastructure, invest in R&D and further expand its manufacturing capacity.
SUNPARTNER Technologies previously raised EUR [55.0] million of capital investments and the EIB financing brings the total financing to EUR [70.0] million. The financing will allow SUNPARTNER Technologies to accelerate commercial development, notably on the back of its recently signed JV with Vinci Construction, and to propose their photovoltaic facades to the construction industry players (architects, engineers, facade makers, etc) in the European market.
“This is a key loan for innovation and climate action that comes at a crucial time for this firm with strong growth potential”, said Vice-President Ambroise Fayolle at the event. “The EIB is particularly proud to be financing this innovative project, which will enable SUNPARTNER Technologies to market its cutting-edge technology while developing its future production lines. By enabling every surface area to become a source of green energy, SUNPARTNER Technologies possesses all the necessary assets to be a leader in a rapidly growing market. Thanks to the EU guarantee under the Juncker Plan, we are able to step up our financing for innovative small firms. This operation also perfectly matches the priorities of the French government’s major new Investment Plan”.
Ludovic Deblois, CEO of Sunpartner: “The signature of the financing is a very good news for SUNPARTNER for three main reasons. Firstly, the support of the EBI is essential to accelerate our growth. Secondly, this financing also shows our determination to address the European market as a whole. Thirdly, this signature as well as the existing European Building Regulations show the strong involvement of the European Union to protect our planet. These are all steps in the right direction to fight climate change collectively today and tomorrow. The European countries are now coming together to face this challenge.”
ArcelorMittal announces US$1.0 billion three-year investment programme in Mexico
ArcelorMittal (‘the Company’) today announces a major US$1 billion, three-year investment programme at its Mexican operations, which is focussed on building ArcelorMittal Mexico’s downstream capabilities, sustaining the competitiveness of its mining operations and modernising its existing asset base. The programme is designed to enable ArcelorMittal Mexico to meet the anticipated increased demand requirements from domestic customers, realise in full ArcelorMittal Mexico’s productive capacity of 5.3 million tonnes and significantly enhance the proportion of higher-value added products in its product mix, in-line with the Company’s Action 2020 strategic plan.
The main investment will be construction of a new hot strip mill. Construction will take approximately three years and, upon completion, will enable ArcelorMittal Mexico to produce c. 2.5 million tonnes of flat rolled steel. Coils from the new hot strip mill will be supplied to domestic, non-auto, general industry customers. Further investments will be made at Lázaro Cárdenas to improve the quality and productivity of the asset base, with additional investment in the group’s Mexican mining operations.
Today’s announcement follows confirmation that the Mexican government has established five Special Economic Zones (SEZ) in southern Mexico to attract infrastructure investment in areas of undeveloped economic potential. Lázaro Cárdenas, home to ArcelorMittal Mexico’s primary steelmaking operations, was named a SEZ.
Bombardier signs 50 jets deal with SpiceJet for $1.7 billion
Bombardier Commercial Aircraft today announced that it has concluded a firm purchase agreement with SpiceJet Limited (“SpiceJet”) of Gurgaon, India for up to 50 Q400 turboprop airliners, making it the largest single order ever for the Q400 turboprop aircraft program and bringing total Q400 firm orders to over 600 Q400 aircraft. Upon delivery, the airline will become the first in the world to operate a 90-seat turboprop, pending certification by regulatory authorities.
The purchase agreement includes 25 Q400 turboprops and purchase rights on an additional 25 aircraft. Based on list prices, the order is valued at up to US $ 1.7 billion.
“We are very proud to firm up this agreement with SpiceJet as it is another demonstration of the Q400’s unique versatility. This repeat order will not only increase the Q400 aircraft fleet in the fast-growing regional market in India and in the Asia-Pacific region but will also launch the high-density 90‑passenger model,” said Fred Cromer, President, Bombardier Commercial Aircraft. “This order confirms the airlines’ increased capacity needs on regional routes with high passenger demand and demonstrates the increased profitability potential that this unique turboprop configuration has to offer.”
“I am pleased to confirm SpiceJet’s latest order for up to 50 Bombardier Q400 planes, which has been announced at the Paris Air Show. I am sure this fresh order will help us further enhance connectivity to smaller towns and cities and help realize Prime Minister Narendra Modi’s vision of ensuring that every Indian can fly,” said Ajay Singh, Chairman and Managing Director, SpiceJet. “SpiceJet operates India’s largest regional fleet and has always been a firm believer in the growth story of India’s smaller towns and cities. We have worked hard over the years to put these smaller towns on the country’s aviation map and will strive to keep that momentum going in the times to come.”
Data from the Federal Statistical Office (FSO) shows that healthcare costs in Switzerland have doubled since 1995: In 2014, direct healthcare costs totaled CHF 74.6 billion (CHF 759 per resident per month) – equal to 11.6% of Switzerland’s gross domestic product. Almost 80% of these costs are incurred by 2.2 million chronically ill patients. “Direct costs” here mean expenses incurred as a direct result of treatment, such as physicians’ fees or surgery costs.
With the onward march of digitalization, the number of smartphone users in Switzerland is increasing by around 10 percentage points each year. KPMG Switzerland’s Sector Head Healthcare Michael Herzog argues that, «With one eye on the associated technological opportunities, if smartphones were to be linked up to electronic patient records in the future, this would present an effective starting point for cost savings.» In this context, KPMG Switzerland has calculated what impact digitalization could have on honing and streamlining medical treatment and, in particular, on stabilizing costs in the healthcare industry.
Electronic patient records and smartphones could increase efficiency
The Federal Act on the Electronic Patient Record (EPRA) was approved by Parliament in June 2015 and came into force in April 2017. As a framework act, it sets out the conditions for the centralized electronic processing of sensitive patient information. In the future, it will allow healthcare specialists to access existing data on their patients’ treatment that has already been collected and recorded by third parties at an earlier stage.
Smartphones an effective way to curb costs in the Swiss healthcare industry
Boston Scientific Corporation announced a definitive agreement to acquire Apama Medical Inc., a privately-held company that is developing the Apama Radiofrequency (RF) Balloon Catheter System for the treatment of atrial fibrillation (AF). The transaction consists of $175 million in cash up-front and a maximum of $125 million in contingent payments over the period of 2018-2020 based on achievements of clinical and regulatory milestones.
AF, a common heart rhythm disorder estimated to affect more than 33 million people worldwide,1 is commonly treated with anti-arrhythmic drugs as well as cardiac ablation – the process of delivering energy to the areas of the heart muscle causing an abnormal rhythm. The standard of care in AF ablations is pulmonary vein isolation (PVI) – the application of energy to create lines of scar tissue around the pulmonary veins in the left atrium to block unwanted electrical signals that trigger AF. PVI is currently performed using two different technologies: point-by-point RF-based ablation and single-shot balloon-based ablation.
The Apama RF balloon – a single-shot, multi-electrode technology – is designed to combine the primary benefits of both RF point-by-point and balloon-based ablation approaches, notably the ability to deliver differentiated levels of energy and shortened procedure times. The technology incorporates built-in digital cameras with LED lights and sensing electrodes on the balloon which allow for real-time visualization and assessment of catheter electrode contact. This is intended to provide physicians with higher confidence of effective energy delivery and the ability to customize the amount of energy delivered around the circumference of the balloon, while further reducing procedure times when compared to existing balloon technologies.
Boston Scientific Announces Agreement to Acquire Apama Medical
Merck will invest € 35 million in its production site Bari in a new production line for the aseptic filling of biotechnologically produced medicines in the isolator. This was announced by the leading science and technology company on the occasion of the 25th anniversary of the Italian site. The scientific and technological leadership of the plant in the southern Italian region of Apulia was honored at the event.
"This investment demonstrates the importance of the Modugno-Bari production location for our growing healthcare business," said Stefan Oschmann , CEO and CEO of Merck . "This is how we can help ensure the supply of medicines that improve the quality of life of people around the world."
The new production line is to be fully operational in 2022. It will be equipped with an isolator of the latest technology and a high level of automation. Insulator technology is considered as the best practice in aseptic filling and as a prerequisite for the safety of injection preparations. On the new production line, biotech drugs are to be filled for the multiple sclerosis, fertility and endocrinology therapeutic areas - with a capacity of 14 million units per year.
Already in 2014, Merck invested € 50 million in Bari in a fully automatic production line in the isolator and an automated warehouse.
The company employs 225 people at its location in 1992 . Bari is specialized in filling and finishing for biotech drugs for multiple sclerosis, fertility and endocrinology, which are supplied in more than 150 countries. Merck also produces some products under development at its site.
Merck Invests $41 Million in its Italian Biotech Manufacturing Site of Bari
METRO INC. and The Jean Coutu Group (PJC) Inc. (the “Jean Coutu Group”) (TSX: PJC.A) announced today that they have entered into a definitive combination agreement (the “Agreement”) pursuant to which METRO will acquire all of the outstanding Jean Coutu Group Class A subordinate voting shares (the “Class A Shares”) and all of the outstanding Jean Coutu Group Class B shares (the “Class B Shares” and collectively with the Class A Shares, the “Jean Coutu Group Shares”) for $24.50 per Jean Coutu Group Share, representing a total consideration of approximately $4.5 billion, subject to regulatory and Jean Coutu Group shareholder approvals (the “Transaction”).
Under the terms of the Transaction, Jean Coutu Group shareholders will receive an aggregate consideration which will consist of 75% in cash and 25% in METRO common shares. The price of $24.50 per Jean Coutu Group Share implies a premium of 15.4% to the volume weighted average price of the Class A subordinated voting shares of the Jean Coutu Group f or the 20 trading days ending August 21, 20 17 (the day prior to the execution of a non-binding letter of intent between METRO and the Jean Coutu Group).
“Bringing together our two highly-respected and longstanding Québec brands represents an exciting milestone in the history of the Jean Coutu Group”, said Mr. Jean Coutu, Chairman of the Jean Coutu Group. “I am confident that this combination will ensure the safeguard of our entrepreneurial vision and corporate values as well as the perennial strength of the brand and will enable us to pursue our growth plan.”
“We’re honored to become the steward of the iconic Jean Coutu Group brand and we intend to build on this exceptional legacy,” said Mr. Eric R. La Flèche, President and Chief Executive Officer of METRO. “This transaction is attractive and compelling from a financial and commercial perspective. It is a unique opportunity to bring together each company’s expertise to better serve the growing consumer demand for healthier choices, value and convenience. The Jean Coutu Group’s extensive retail network and state-of-the-art distribution center will provide us with increased scale and reach, operational efficiencies and enhanced growth potential. We look forward to having Jean Coutu Group shareholders become important METRO shareholders.”
METRO to acquire The Jean Coutu Group for $4.5 billion
Nestlé Purina to invest $320 million in new U.S. pet food factory in Georgia
Georgia Gov. Nathan Deal today announced that Nestlé Purina PetCare Co. will create as many as 240 new jobs and invest $320 million in a manufacturing facility and distribution center in Hartwell
"Our business-friendly climate, highly-skilled workforce and unmatched logistics infrastructure continue to attract industry-leading manufacturers like Purina to Georgia," said Deal. "With this new facility, Purina will build upon Georgia's strategic resources while yielding economic benefits for the Hart County community. We appreciate Purina's significant investment and look forward to the company's success here."
Purina, a global leader in pet care, currently employs more than 8,000 individuals in the U.S. Leading Purina brands include Purina ONE, Dog Chow, Friskies, Tidy Cats and Pro Plan.
"The Hartwell site will be an excellent location for Purina's first new U.S. factory in 20 years," said John Bear, vice president of manufacturing, Nestlé Purina. "We're very excited and look forward to closing on the property and bringing more quality jobs to the state of Georgia, as well as expanding Purina capacity and distribution in the Southeast."
Purina plans to create as many as 240 jobs over the next five years at the new location. The company will invest $320 million at the site by the end of 2023 and expects to close on the property later this year, contingent on completion of due diligence and satisfaction of closing conditions.
Distribution center operations are expected to begin in 2018, with production to follow in 2019.
"The Hart County Board of Commissioners is pleased that Nestlé Purina PetCare has chosen our community to expand their manufacturing operations," said Joey Dorsey, chairman of the Hart County Board of Commissioners. "We see the company's decision in selecting Hart County as reinforcement of our long-term vision and actions in supporting industry, agriculture, tourism, and the community's continuing emphasis on workforce development."
Georgia Department of Economic Development (GDEcD) Senior Project Manager Joshua Stephens represented the Global Commerce division throughout the project in collaboration with the Hart County Industrial Development Authority and Georgia Power.
Unilever announced today that it has signed an agreement to acquire Brazilian natural and organic food business Mãe Terra.
Mãe Terra is a fast-growing and well-loved brand in Brazil, providing health-conscious consumers with organic and nutritious food products since it was set up in 1979. The company’s vision is to democratise natural and organic food by taking care of people and planet. Mãe Terra operates in several categories with a portfolio that includes organic cereals, cookies, snacks and culinary products. The main Mãe Terra categories represent a Brazilian market worth more than €8 billion (Euromonitor).
Growing at over 30% per year, Mãe Terra has a strong brand equity and a clear purpose of making nutritious food accessible to all. This fits clearly with Unilever’s own sustainable nutrition strategy and its commitment to sustainable growth.
Globally, the healthy foods trend is gaining relevance fast. Brazil is the fifth largest market in the world for healthy food and beverages, with 79% of consumers regarding health and nutrition as priorities.
Fernando Fernandez, President of Unilever Brazil, said: “We are excited about this acquisition. Mãe Terra has a great following in Brazil and strengthens our food portfolio, allowing us to accelerate our expansion in the high-growth naturals and organic segment. With Unilever’s expertise and distribution channels, we can both grow and scale Mãe Terra, helping to realise its mission of bringing healthy and nutritious food to even more people. This is perfectly aligned to Unilever’s commitment to sustainable nutrition and to provide consumers with food that tastes good, does good and doesn't cost the Earth.”
Unilever to acquire Mãe Terra
Simmons Prepared Foods, Inc. announced it will build a new chicken facility in Benton County between Decatur and Gentry.
The company plans to invest $300 million in the facility which is expected to create approximately 1,500 new jobs, bringing total employment at the operation to over 2,300 people by 2022. It will also create new contracts with local Arkansas farmers. The facility will produce fresh and frozen chicken products for retail and restaurant customers with capacity to sell approximately 850 million pounds of poultry meat annually at full production. The company expects to begin new operations in 2019.
“We’re thrilled to bring this project to our community and are grateful for the cooperation from the Cities of Decatur and Gentry, local officials, Arkansas Economic Development Commission and the State of Arkansas,” said Todd Simmons, CEO of Simmons Foods, Inc. and Affiliates. “This project positions us to continue meeting our customers’ needs.”
The design will feature modern production facilities and contemporary office space supported with best-in-class environmental technologies. Simmons also plans to increase starting pay at production facilities later this year.
“Simmons Foods is a homegrown company that continues to invest heavily in Northwest Arkansas,” Hutchinson said.
“This announcement comes just two months after the company held a ribbon-cutting at its new pet food ingredient facility in Siloam Springs, which goes to show the faith they have in the area’s workforce and their commitment to the state. We competed with both Oklahoma and Missouri for this project, and I’m proud to say we won.”
County Judge Barry Moehring also joined today’s announcement.
Simmons Prepared Foods Announces New Chicken Operation in Arkansas
IFC, a member of the World Bank Group, has invested $76 million (INR 5 billion) in 5-year unrated masala bond issuances of Fullerton India Credit Company Limited. The investment will strengthen their reach in underserved retail and micro, small, and medium enterprise segment in developing states.
Financing for micro, small and medium enterprise segment is a strategic focus of IFC’s financial inclusion work in India. IFC is using Masala Bonds to support companies in diversifying their funding sources. IFC helped create the Masala Bond market through its own first issuance in November 2014.
Fullerton India has established itself as a leading financial services company for MSME finance reaching 1.65 million retail and MSME customers in 22 states. Through this investment, the company expects to reach 6000 SME borrowers and 500,000 micro-enterprises in the next five years.
“We started focusing on MSME financing in rural and urban India in 2011. This now represents a significant portion of our lending” said Anand Natarajan, Head of Strategy and Business Execution, Fullerton India. “IFC’s earlier investment in 2015 helped us increase our support to MSME segment and strengthen our lending systems and processes. IFC’s renewed support strengthens our relationship and paves the way for steady and inclusion-led growth of the company’s MSME loan portfolio.”
Micro, small, and medium enterprises form a large part of the Indian economy, accounting for 45 percent of the country’s industrial output and 40 percent of its exports. There are 48.8 million Ministry of MSME, Annual Report, 2014 -15 MSMEs in India, which employ 111 million Ministry of MSME, Annual Report, 2014 -15 people. There is critical shortage of long-term funding. Per IFC–Government of Japan 2012 study on MSME financing in India, there is a total finance gap of $311.9 billion (~INR 20.9 trillion) against a total finance demand of $485.7 billion (~INR32.5 trillion).
IFC invests $76 m in Fullerton's masala bonds
Tetra Pak has strengthened its product offering for ice cream manufacturers with the acquisition of Big Drum Engineering GmbH, a leading supplier of filling machines for the industry.
The deal further extends the company's ability to provide end-to-end solutions for food and beverage companies around the world, and reinforces its global leadership in the sector.
Tetra Pak already provides a full range of ice cream equipment, including raw material storage, mix preparation, continuous freezing and inclusion systems, as well as production solutions for moulded and extruded ice cream products. The acquisition of Big Drum will strengthen the company's presence in the "filled" ice cream segment (e.g. tubs and cones) which represent approximately half of the global packaged ice cream market.
Monica Gimre, Executive Vice President, Processing Systems at Tetra Pak said, "This acquisition means we can now provide an even more extensive range of production solutions for ice cream manufacturers and expand our collaboration with them. This, in turn, will allow us to deliver even greater value, by securing efficiencies in technical service across a number of different lines, and offering portfolio-wide support to their product development and marketing activities."
Tetra Pak strengthens ice cream offering with acquisition of Big Drum
ADB Supports Disaster-Resilient Agriculture in Cambodia
The Asian Development Bank’s (ADB) Board of Directors has approved $50 million in additional financing to help boost agricultural productivity and improve smallholder farmers’ access to markets in 271 communes in Tonle Sap Basin, which is prone to natural calamities.
The Tonle Sap Poverty Reduction and Smallholder Development Project was originally approved in December 2009 with a total amount of $51.15 million. It has since supported community-driven development in rural roads and other infrastructure and improved agriculture and people’s livelihoods in 196 communes in five provinces, including Banteay Meanchey, Kampong Cham, Kampong Thom, Siem Reap, and Tboung Khmum. The additional support will add a disaster risk management element to the program and help expand it to cover 75 more communes in Kampong Thom and two new provinces, Battambang and Prey Veng.
“The additional financing will help the government further improve agriculture productivity, diversify Tonle Sap Basin’s economy to benefit smallholder farmers, and come up with development initiatives that reflect the needs of local communities,” said ADB Water Resources Specialist Thuy Trang Dang. “Communities with more climate-resilient infrastructure can bounce back more quickly from natural disasters.”
IFC, a member of the World Bank Group, is lending US $ 40 million to Companhia Brasileira de Fertilizantes (Cibra), one of the leading distributors of high quality fertilizer in Brazil.
The IFC loan will help finance the expansion of Cibra, using best practices in sustainable agriculture, and will also support the development of climate-smart agriculture in Brazil. Cibra's expansion plan of about US $ 80 million, part financed by IFC and part with its own resources, provides for investments in the improvement of its production units.
According to Santiago Franco, CEO of Cibra, "We are very happy and proud to partner with IFC. Given the high socio-environmental standards that IFC works with, its investment in Cibra is a recognition of the consistency of our expansion plan, our management capacity and our good socio-environmental practices. "
Second , Hector Gomez Ang , Country Head of IFC Brasil , "the sustainable improvement of rural productivity in Brazil, especially through the proper use of fertilizers, is essential to help feed the growing world in an environmentally responsible manner."
The agroindustry in Brazil faces the challenges imposed by an intensive production system and the poor quality of the topsoil. This makes it necessary to implement customized solutions for the fertilizers used, based on the needs of the soil and each crop. Proper fertilizer use, applying just what is needed wherever it is needed, reduces waste and increases productivity, helping to promote agricultural techniques that contribute to climate-smart agriculture. This will bring environmental benefits to the country, including indirect reduction of greenhouse gas emissions.
IFC lends US $ 40 million to develop climate-smart agriculture in Brazil
Governor Terry McAuliffe today announced that Facebook will bring more than $1 billion of new investment to the Commonwealth. Facebook is directly investing $750 million to establish a 970,000-square-foot data center in the White Oak Technology Park in Henrico County.
In addition, due to a new renewable energy tariff designed by Dominion Energy Virginia and Facebook, hundreds of millions of additional dollars will be invested in the construction of multiple solar facilities in the Commonwealth to service Facebook’s Henrico Data Center with 100 percent renewable energy.
The project will bring thousands of construction jobs to the region and more than 100 full-time operational jobs. Governor McAuliffe met with company officials about the project on multiple occasions, most recently during his San Francisco Marketing Mission earlier this week.
“I am proud to welcome Facebook to Henrico County, and we look forward to a strong partnership,” said Governor McAuliffe, speaking at the event. “When an industry giant like Facebook selects Virginia for a major operation, it’s proof that our efforts to build an open and welcoming economy that works for everyone are paying off. For many years, Virginia has served as a key hub for global internet traffic, emerging as one of the most active data center markets in the world. Working with companies like Facebook and many others, we are advancing Virginia’s position as a global leader in the technology economy and a world-class home to innovative companies of every size.”
Founded in 2004, Facebook’s mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, discover what’s going on in the world, and share and express what matters to them.
“Facebook’s decision to locate its newest data center operation in Henrico County is a tremendous economic win for the Commonwealth,” said Secretary of Commerce and Trade Todd Haymore. “Virginia's information technology sector is booming, with nearly $12 billion in capital investment over the past decade and more than 650 data processing, hosting, and related establishments currently employing over 13,500 Virginians. Facebook, with more than 2 billion monthly users, is a powerful addition to the sector, and I commend the entire team who helped bring this company to the Commonwealth.”
Facebook will invest $1 billion in Virginia to build data center and 'multiple' solar facilities
IBM Acquires Vivant Digital Business in Australia
IBM, announced its intention to acquire Vivant Digital business (Vivant), a boutique digital and innovation agency based here. This acquisition extends the strategy and design expertise of IBM iX, one of the world’s largest digital agencies and global business design partners, with Vivant talent and expertise to accelerate clients’ digital transformations.
The CEO and founder of Vivant, Anthony Farah, will also take the role of Digital Strategy & iX Leader for IBM Australia and New Zealand.With close to a decade of innovation consultancy experience, Vivant has established a strong reputation for its design philosophy and innovative approach, using insights from behavioural science, data and technology for Australian start-ups and corporates, primarily in the financial services and distribution industries.
“Customer experience is a critical element as our clients develop their business strategy,” said Paul Papas, Global Leader, IBM iX. “IBM shares a similar design, consulting and management philosophy with Vivant, and our combined teams will raise the bar for experience-led, design driven, digital reinvention.”
Together IBM iX and Vivant, based in Sydney and Melbourne, will address the growing need of clients seeking transformation though innovative digital business models and bold customer experiences.
“This is an exciting direction for Vivant clients and employees. We now have scale and greater opportunity to address the growing needs of CEOs and innovation leaders willing to disrupt the market by seeking out new business models” said Anthony Farah. “We see it as converging the best of big with the best of small."
Microsoft announces the creation of 200 new jobs in Dublin
Microsoft, announced that it is further investing in Ireland through the expansion of its Dublin based EMEA Inside Sales organisation with the creation of 200 new jobs. The Company announced in February that Dublin had been selected as the location for the new EMEA Inside Sales organisation. This led to the immediate creation of 500 new jobs, 80% of which have already been filled and with recruitment well advanced for the remaining positions. The 200 additional roles announced today reflect the rapid expansion of the organisation. Once this second phase of recruitment is complete, it will bring Microsoft’s overall employee numbers in Ireland to 2,000.
Microsoft is seeking applications for Technical and Solutions Sales Specialists as well as those with language capabilities to help create and deliver solutions that will empower a broad range of customers across the EMEA region to achieve more. The company is also recruiting individuals with leadership experience to help build the organisation and to support the growing teams of talented digital sellers.
Speaking at today’s announcement, An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgeraldsaid: “I welcome the announcement that Microsoft is adding 200 new roles to the Inside Sales organisation just six months after the investment was first announced. It demonstrates the opportunities that can be created for Ireland from our existing employers and investors, and illustrates that the talent is available in Ireland for these types of jobs and for employers. A key priority for this Government and my Department is to ensure that high technology companies, such as Microsoft, have the right business environment to develop and expand. I am confident that Microsoft will be able to source the talent necessary, as a result of the Government's commitment to pursuing skills availability for our high technology industries. I wish them continued success as it deepens its commitment even further in Ireland.”
Mastercard and PayPal Expand Digital Partnership Globally
Mastercard, and PayPal, announced a significant expansion of their longstanding partnership into Canada, Europe, Latin America and the Caribbean and the Middle East and Africa to enhance customer choice, optimize the consumer experience and make Mastercard a clear payment option within PayPal across the globe. With the addition of these markets – and following the recent expansion of their partnership into the U.S. and Asia Pacific – Mastercard and PayPal have now reached a global agreement.
Similar to previous agreements, the global expansion will create a number of joint growth opportunities that will advance Mastercard and PayPal’s shared vision to offer consumers greater choice and flexibility to manage and move their money:
MTS Acquires Online Cash Register Start-up LiteBox
PJSC MTS, the leading telecommunications provider in Russia and the CIS, announces the acquisition of a 50.82% stake in the Russian retail software developer Oblachny Retail LLC, operating under its trademark name LiteBox. The transaction is priced at RUB 620mln and includes the repayment of a RUB 30mln loan, RUB 420mln of investments in business development as well as a payment of RUB 170mln to the founders. The deal allows MTS to enter the cloud-based cash register market as a fully licensed fiscal data operator (FDO) and a provider of integrated digital cash management solutions for B2B clients.
MTS also entered into an option agreement with the shareholders of the developer, under which MTS has the right and obligation, at the request of minority shareholders, to redeem their shares at a price based on the company's results for 2019.
Kirill Dmitriev, Vice President, Sales and Customer Service, commented:
"Recent government initiatives and the development of digital technologies have radically transformed the market for cash services in Russia. Due to tight legislative deadlines, the transition to digitally enabled on-line cash registers will be very rapid. The current low level of cash register computerization prevalent among small and medium businesses creates a solid base for accelerating growth in this market.
Combining MTS’ excellent position in cloud computing and strong fintech development credentials with its comprehensive mobile internet coverage, MTS can leverage the Oblachny Retail acquisition to take a leading role in the service automation market for small and medium enterprises. In the near future, with the help of MTS, all businesses will have access to a low-cost mobile system for handling cash with reliable Internet access.
Hyatt Hotels & Resorts, announced that Hyatt expects to double the number of Hyatt hotels in Africa, with six new hotels expected to open by 2020. The developments are expected to see the Hyatt brand enter four new countries on the African continent and are expected to create approximately 2,100 new jobs once open.
East Africa is one of Hyatt’s primary focus areas in the near term, with the region benefiting from continued government investment in infrastructure, an expanding middle class and a growing international recognition of the region’s stability, all contributing to an 11% growth in Sub-Saharan African tourism in the past year alone. According to the UNWTO World Tourism Barometer, the first half of 2017 saw a 14% increase in international arrivals in East Africa over the same period in 2016, with intra-Africa travel up nearly 13% for the same period.
“The development opportunities for Hyatt in Africa are significant, and we see enormous potential in the region. This expansion reinforces our commitment to developing our pipeline in Africa,” said Peter Penev, vice president acquisitions and development for Hyatt. “With the introduction of a Pan-African, visa-free passport next year alongside the continued improvement in the connectivity and growth of the region’s airlines, we expect tourist and business travel will only continue to increase. We look forward to working with our local developers and partners to further deliver on our ambitious plan to help grow the hotel industry in East Africa.”
Hyatt Expected to Double Number of Hotels in Africa by 2020
Xenia Hotels & Resorts Acquires Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort & Spa for $305 Million
Xenia Hotels & Resorts, Inc., announced its acquisition of Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, a 493-room upper upscale resort located in Scottsdale, Arizona, and Royal Palms Resort & Spa, a 119-room luxury resort located in Phoenix, Arizona that is part of The Unbound Collection by Hyatt.
he Company acquired the two hotels from affiliates of Hyatt Hotels Corporation for a combined purchase price of $305 million, or approximately $498,350 per key. The purchase price represents an estimated 12.6x multiple on 2017 forecasted Hotel EBITDA. The Company currently forecasts that the hotels will generate approximately $6 million of Hotel EBITDA for the remainder of 2017. Additional details on the transaction can be found in the presentation posted on the Company's.
"The acquisition of Hyatt Regency Scottsdale and Royal Palms demonstrates our continued effort to invest in high-quality, uniquely positioned, premium full service and lifestyle hotels in top lodging markets," stated Marcel Verbaas, President and Chief Executive Officer of Xenia.
"We are thrilled to have been able to add two terrific hotels in one of our target markets that benefits from many diverse demand generators. While the hotels are in good physical condition and have strong in-place cash flows, we believe we will be able to drive further growth as we work with Hyatt to continue to optimize operations, reap the benefits of the recent branding of Royal Palms and make targeted capital improvements to further upgrade both properties. The market boasts relatively low supply growth over the next several years and the combination of these two hotels, each of which are focused on different segments within the overall lodging market, positions us well to take advantage of all the unique demand drivers of the Scottsdale area."
Park Inn By Radisson Kyiv Troyitska Is Now Open
Park Inn by Radisson, the colorful and dynamic mid-scale hotel brand of Carlson Rezidor Hotel Group, today announces the opening of the first Park Inn by Radisson Troyitska in Kyiv. This is Carlson Rezidor’s fourth hotel in Ukraine and third in Kyiv city.
Situated in Kyiv center, a few steps from the National Olympic Stadium, the new Park Inn by Radisson Troyitska offers an international mid-scale hotel experience. The Olympic National Sports Complex and Olympic business center, other historical and cultural attractions such as St. Nicholas Roman Catholic Cathedral, Concert Palace Ukraine, Kyiv Fortress, and Kyiv National Academic Theatre of Operetta are all nearby.
Located on Troyitska Square, Park Inn by Radisson Troyitska is built by the real estate and development business division of Smart-Holding. The hotel is just a one-minute walk from the Olimpiyska Metro Station and close to public transport stops and railway stations. The International Airport Kyiv Zhulyany (IEV) is eight kilometers away.
“Park Inn by Radisson is a fresh and energetic mid-market hotel brand built on choice, connectivity and community,” said Michel Stalport, Area Senior Vice President of Eastern Europe & Russia at Carlson Rezidor Hotel Group. “We see a growing popularity for the Park Inn by Radisson brand across Eastern Europe and the world, as international travelers are looking for an affordable but high-quality hotel experience. We are grateful to our investors, Smart-Holding company, for choosing Carlson Rezidor Hotel Group as their preferred partner to grow further in Kyiv, and look forward to showcasing the best of our ’Adding Color to Life‘ service philosophy.”
“Park Inn by Radisson Kyiv Troyitska is our first investment project in the hotel industry, which is an attractive business segment for us,” said Alexey Pertin, CEO of Smart-Holding. “Rooms in a downtown hotel of this category will always be in demand. I am sure that, together with Carlson Rezidor, we can offer our guests a competitive project that fully meets international standards. The hotel will complement the ensemble of Troyitska Square, which we renovated on the eve of UEFA EURO 2012 Final.”
Hilton Adds Five Hotels to its German Portfolio
Hilton, announced plans to open new hotels in Dortmund, Munich, Frankfurt and Berlin. The new hotels follow strategic agreements with Primestar Hospitality GmbH, Foremost Hospitality GmbH and tristar GmbH, facilitating the rapid roll out of its focused service Hilton Garden Inn and Hampton by Hilton brands. Hilton has opened four new hotels in Germany this year. Hilton Garden Inn Frankfurt City Centre is slated to open in November. The new hotels will add a combined total of 2,000 rooms before the end of 2018.
Marybelle Arnett, vice president, development, Central and Eastern Europe, Hilton said: "Hilton is committed to the German market and, with more than half of our pipeline hotels already under construction, we plan to significantly increase our portfolio here over the next two years.
"2016 was a stellar year for the German hotel industry with record overnight stays and a 3.4% increase in RevPAR. Strong demand drivers are expected to continue into 2018 as more travellers visit Munich, Berlin, Frankfurt and Germany's many regional cities, and these new hotels will cater to the growing interest in our brands."
Hilton will next year open:
Hampton by Hilton Dortmund Phoenix See
The 128 guest room Hampton by Hilton Dortmund Phoenix See is located adjacent to German regional bank Sparkasse's new national training centre. Phoenix-East industrial estate is also within walking distance of the hotel which is slated to open in the first half of 2018. Hampton by Hilton Dortmund Phoenix See will be located at Fassstrasse, 44263 Dortmund-Horde and will be managed by tristar Gmb.
Hampton by Hilton Frankfurt City Centre East
Hampton by Hilton Frankfurt City Centre East will include 179 guestrooms. Expected to open in early 2018, the hotel will be situated to the east of Frankfurt's city centre, a few hundred metres from the European Central Bank's new headquarters. The hotel will be managed by Primestar GmbH and located at Grusonstrasse 4, 60314 Frankfurt-am Main.
IHG continues rapid expansion in Germany with series of new openings and signings
IHG® (InterContinental Hotels Group), one of the world’s leading hotel companies, announces its continued expansion in Germany with the opening of its sixth hotel and signing of its 13th hotel this year. IHG now has a total of nearly 120 hotels open and in the development pipeline in the country.
The recently opened 323-room Holiday Inn Express® Cologne – City Centre is the largest Holiday Inn Express® in Europe and brings the company’s number of hotels across Germany to 72 (over 14,600 rooms). Holiday Inn Express® Goettingen is IHG’s 13th signing in the market this year, with the development pipeline now at 46 hotels.
IHG’s progress in Germany has been driven through a strategic focus on Multiple Development Agreement (MDA) deals with selected partners; executed by a local growth team who have a deep understanding of the lease-driven property market. IHG’s MDA partners have signed almost all of the deals in Germany so far this year, all of which have been under the Holiday Inn® and Holiday Inn Express® brands.
The Holiday Inn Brand Family continues to go from strength to strength across Germany, with owners recognising the value of the latest design and service innovations that are transforming the estate. This includes the Holiday Inn Open Lobby, where hotels which have implemented this newly designed public space have benefitted from increased guest satisfaction and an average 20% uplift in food and beverage revenue.
Indorama completes acquisition of
Indorama Ventures Public Company Limited (IVL), a global chemical producer, has completed the acquisition of DuraFiber Technologies México Operations, S. A. DE C. V. (Durafiber), a leading Mexican producer of durable technical textiles for industrial, tire reinforcement, and specialty applications globally.
IVL has previously announced its agreement to acquire Durafiber on 10 August 2017, which is well aligned with IVL’s strategy of pursuing accretive growth opportunities in the high value-added automotive segment. Durafiber is the sole domestic tire cord fabric producer in Mexico, and has a broad customer base and long-established relationship with major global tire companies. This strategic acquisition of Durafiber expands the breadth of IVL’s tire cord fabric products, and provides the opportunity to leverage IVL’s global scale and assets to capture synergies and vast market opportunities. The automotive fiber market is growing at 6% CAGR in 2017-2021 and has an estimated value at around US$ 10 billion+.
Mr. Aloke Lohia, Group CEO of Indorama Ventures, commented, “We are pleased that Durafiber is now a part of the IVL family. It is an exciting opportunity to strengthen our presence in fast-growing markets in Mexico and Europe, and further enhance the Company’s leading position in Automotive Segment, where we see an enormous opportunity.
With the acquisition of Durafiber, we will be best positioned to address a wide range of applications in the automotive fiber market, and expand capabilities to deliver best-in-market services to our customers. Offering customers access to a strong portfolio of industry-leading brands, along with a well-integrated of R&D and production facilities across the world are a unique global service proposal to the automotive industry.
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