Courtaulds's Tencel fibre will be promoted in Europe via a joint venture formed by the merging of Courtauld's viscose and acrylic fibre operations with those of the German chemicals group, Hoechst. Courtaulds will have a £238m share of the £369m combined sales of the operation. Success in the Japanese market has brought Tencel into profit. The material looks like denim but feels like silk. Despite being developed in the UK, it is manufactured in Alabama, USA. Courtauld's profits for the year ending March 1993 were up from £186.3m to £192.7m. The merger is subject to the approval of the European Commission but will put Courtaulds into a leading position in Europe if it goes through.
Sivell G., The Times, no. 64,655, 27 May 1993, p. 27
(News to me! I had no idea Tencel was part of the logic for acquiring Kelheim. However several other sentences don't ring true so maybe its a cub reporter - or abstractor - at work.)