Indorama Ventures Completes Acquisition of Fabric Company Avgol

Bangkok-headquartered Indorama Ventures Public Company Ltd. has completed the acquisition of Tel Aviv-listed hygienic fabric company Avgol Industries 1953 Ltd., the firm announced Thursday. Bangkok Stock Exchange-listed Indorama, a chemical producer and a manufacturer of wool yarns, announced the 66% stake acquisition in May, according to a company valuation of around $480 million.

Israel-based Avgol manufactures nonwoven fabrics for diapers and feminine hygiene products. The company employs around 900 people globally, with manufacturing sites in Israel, the US, Russia, China, and India.