Reliance Buys Malaysian Yarn Maker Hualon Corp
Reliance Industries Ltd., the world’s largest producer of yarn used for making textiles, agreed to buy assets of Malaysia’s bankrupt Hualon Corp. to expand capacity by 25 percent. The purchase will help Reliance increase its polyester- making capacity to 2.5 million metric tons and increase revenue by $1 billion, the Mumbai-based company said in an emailed statement today. Reliance will control 7 percent share of the world’s polyester yarn and fiber market, the company said.
Reliance Industries, owner of the world’s third-largest refinery, and Rohm & Haas Co. on March 22 said they plan to build a plant in India to make chemicals used in paints and plastics as demand rises because of a construction boom.
The Philadelphia-based Rohm & Haas, the world’s biggest producer of acrylic monomers for paints and plastics, may build a 200,000 ton-a-year plant at Jamnagar in western India. Reliance’s refinery is based in Jamnagar.
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