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Thai polyester maker Indorama Ventures has agreed to buy an 80% stake in PHP Fibers, a German maker of nylon yarns for auto air-bags, for an undisclosed amount. Japanese automotive supplier Toyobo is buying the other 20% of the company. PHP had revenues of $340 million in 2012 and employs 750 people. The combination of Toyobo and PHP will be the world’s largest supplier of nylon 6, 6 yarn to the air-bag industry, according to Toyobo. Indorama says the business will enjoy synergies with its other fibers operations.
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