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Diolen seeks refinancing for its new business plan
08
Jul '08
Diolen Industrial Fibers BV, has urged suppliers to accept suspension of payments for its production facilities in Arnhem and in Emmen in Netherlands. A request to extend this facility for its unit in Obernburg, Germany has been put forward as well.

Refinancing was being arranged by the company for the past couple of weeks with a number of parties but the required sum could not be garnered. The amount was essentially being raised for a business plan that demonstrates the future prospects for the company.

Diolen is reputed for being one of the leading manufacturers of polyester yarn, but of late, the company was under burgeoning pressure due to increasing cost of energy and raw material. Increased competition from the the Far East and a weak dollar has made imports to Europe relatively cheap.

Company sources informed Fibre2fashion, that with the implementation of its new business plan, results of the company would improve remarkably through lower costs and better operational performance. Besides, it will also help regain Diolen's status as a value-added player in the ever-expanding polyester yarn market. The only obstacle standing in the way is the lack of adequate financing.

Although, banks have provided estate financing which will ensure continued production and delivery to customers, a hefty sum is still required to carry out the entire plan.

In addition to polyester yarn produced by the company, Diolen has now started the production of Diolen high-tenacity polyester and Diofort polyphenylene sulphide (PPS) yarns, as well as chips of polyester and other polymers. Its yarns are used for the production and reinforcement of industrial products that have to be safe and reliable.

Fibre2fashion News Desk - India

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