Indorama completes acquisition of Brazil’s largest polyester producer

Image from Indorama's website

Indorama Ventures Pcl (IVL), a Thai listed chemical producer, has completed the acquisition of M&G Fibras Brasil, the country’s largest manufacturer of polyester staple fibre, for an undisclosed amount, according to an announcement on Monday.

This acquisition marks IVL’s foray into the fibre business in Brazil. M&G Fibras Brasil owns a plant in Cabo de Santo Agostinho with total polymerization capacity of 75,000 tonnes per annum.

Prior to signing an agreement to acquire M&G Fibras Brasil in November, IVL had acquired Brazil’s largest PET asset in the first quarter of 2018.

“We are putting the puzzle pieces in place, and this acquisition is a perfect piece in the fibers market. Not only does it help strengthening our industry-leading positioning, but it also enhances our ability to serve the growing needs of customers with high-quality fibers,” said IVL’s Group CEO Aloke Lohia. “This acquisition will help develop our strategy in Brazil and ensure continued employment and development of the national economy as well as strengthen the fibers industry.”

IVL currently has a global manufacturing footprint across Africa, Asia, Europe and the US with around 17,000 employees. Its portfolio comprises necessities and high value-added categories of polymers, fibres and packaging, serving major FMCG and automotive sectors.

It posted total revenue of 259.42 billion baht ($8.05 billion) with a net profit of 24.11 billion baht ($747.70 million) for the first three quarters of 2018.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.