NEW DELHI (Sept. 9, 2008) — Polyester maker SRF Ltd. said it has bought Thai Baroda Industries Ltd. and the belting fabrics business of South Africa-based Industex Technical Textiles (Pty.) Ltd.
Thai Baroda makes dipped nylon cord aimed mainly at the tire industry. It has a capacity of about 12,000 metric tons per year and brings SRF's total tire cord capacity to 65,000 metric tons per year. The firm said this makes it the second largest Nylon 6 tire cord fabric manufacturer in the world. Financial details of the deal were not disclosed.
SRF acquired the belting fabrics business of Industex for $4.4 million. The South Africa-based company has an annual production capacity of about 3,500 metric tons of belting fabrics with annual sales of about $16 million. With this deal, SRF said it improves its world ranking from the third largest to second largest player in the belting fabrics industry.