Toyobo : Notice regarding Acquisition of Remaining Shares in Toyobo Indorama Advanced Fibers to Achieve Full Ownership

In 2020, the Company established TIAF, an airbag yarn manufacturer, in Thailand as a joint venture with IPI to respond to growing global demand for airbags by effectively leveraging the resources of the Indorama Group and the Company. To reorganize and strengthen its airbag business, the Company has since reviewed its operational arrangements in the United States and China, and has accelerated the consolidation of these operations in Thailand^*1. For example, the Company has built an integrated production system for airbag-related products in Thailand through TIAF and Toyobo Saha Safety Weave Co., Ltd. (TSSW), an airbag fabric production company.

By entering into this agreement to acquire IPI's 50% in TIAF, which will make TIAF a wholly owned subsidiary, the Company aims to further strengthen Toyobo Group's integrated business management in the airbag sector through faster decision-making and optimal allocation of management resources. Going forward, the Company will continue to supply airbag-related products from its production base in Thailand to markets in Asia and beyond, while meeting the diverse needs of its customers.