Düsseldorf, 1 February 2014 – McDermott successfully represented Cordasi, Germany, on the disposal of PHP Fibers to Indorama Ventures Limited. PHP Fibers is one of the world’s largest industrial fibre producers specializing in the production of polyamide yarn for airbags, tyres and added value polyester, Indorama Ventures Limited is the world’s largest polyester producer.
Cordasi was advised by McDermott Will Emery and Rothschild, the disposal process was led by One Square Advisors. Indorama Ventures Limited was advised by Allen & Overy. The transaction is, inter alia, subject to cartel approval.
PHP Fibers Group has a turnover of €260m. It is headquartered in Obernburg (near Aschaffenburg), Germany, and has manufacturing operations in both, Germany and the USA. It also has a joint venture in Pingdingshan, China with Shenma Industries.
Indorama Ventures Limited is a publicly listed group, with its headquarters in Bangkok, Thailand. It has worldwide operations including Trevira in Germany.
Dr. Matthias Kampshoff, a partner at McDermott in Düsseldorf: « We are proud to have been part of the team that the PHP Fibers Group chose on the way to a new owner. A key to success in this complex cross-border transaction was the coordination and cooperation of the different people involved in the transaction workgroups, our Chinese and American offices and our restructuring and M & A practice group. »
The McDermott team included partners Matthias Kampshoff, Jan Hückel, Norbert Schulte, (all Corporate Düsseldorf), Kian Tauser (Tax Munich), Philipp Werner (Antitrust Brussels), Andrew McCune (Corporate Chicago), Carla Hine (Antitrust Washington), Raam Jani (Corporate Chicago), Winston J. Zhao (Corporate Shanghai) and associates Thomas Gennert, Christine Gömöry, Philipp Kutscher, Marc Oberhardt (all Corporate Düsseldorf), FlorianReichthalhammer (Tax Munich), Robert Bäuerle (Antitrust Brussels), Mary Duby (Corporate Chicago), Molly Qin, and Roy Zhu.
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