Indorama Ventures Public Company Limited(IVL), a global chemical producer, has acquired 65.72% of Avgol Industries for $1.62 per share. Avgol Industries is a spunmelt nonwovens manufacturer based in Israel. Avgol has six production sites in Israel, the United States, Russia, China and India, with an annual production capacity of 203,000 tons, a global workforce of 900 people and sales of $339 million in 2016.

Avgol is one of the world's largest manufacturers of sanitary nonwovens, with a 10% share of the global market. Avgol's high-performance nonwovens are used by leading manufacturers in the fields of baby diapers, feminine hygiene products and adult incontinence products. Avgol also offers advanced solutions that leverage its proprietary technologies such as Avspun and Avsoft's spunspun fabrics to meet consumer demand for thinner, more dispersed, softer and higher performance products.

The acquisition provides Indorama with an opportunity to strengthen its leadership position in the high-growth personal hygiene nonwovens market. Avgol helps Indorama further diversify its portfolio of high value-added products. The acquisition will allow both companies to offer a comprehensive range of products to customers. Indorama Ventures will also position its adjacent market segments for future growth through its strong innovation pipeline, enabling the company to continue to offer highly attractive value and services to customers worldwide.