Revamped Saudi PVC and international rubber business (5,3)

I believe the answer is:

davis cup

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'international rubber business' is the definition.
The definition suggests a singular noun which matches the answer.

'revamped saudi pvc' is the wordplay.
'revamped' indicates an anagram.
'saudi'+'pvc'='saudipvc'
'saudipvc' with letters rearranged gives 'DAVIS CUP'.

'and' is the link.

Can you help me to learn more?

(Other definitions for davis cup that I've seen before include "International tennis team championship" , "Sets competition" , "International lawn tennis championship" , "Annual tennis team championship award" , "International tennis tournament" .)

I've seen this clue in The Times.

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