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.