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Consolidation in the polyester film sector - Views on News from Equitymaster
 
 
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  • Oct 25, 1999

    Consolidation in the polyester film sector

    According to newspaper reports, Flex Industries and Polyplex Corporation are merging their polyester film businesses. The merged entity will be the largest producer of polyester film in India and the fifth largest in the world. The merged company has been christened United Film Technologies and will have a total capacity of 39,000 tonnes per annum.

    Polyplex will have a 55% stake in the company with Flex holding the balance. This is despite the fact that Flex's capacity contribution is 24,000 tonnes per annum, as against Polyplex's contribution of only 15,000 tonnes per annum.

    The polyester film sector has been facing a supply glut since 1996. This led to a sharp fall in prices, resulting in the erosion of margins. The merger will have the effect of limiting competition in the domestic markets and also providing opportunities to leverage the economies that arise on operating larger capacities.

    The merger is likely to be a boon for Flex Industries, which has been incurring losses in its polyester film business for some time now.

     

     

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