Thailand’s Indorama Ventures to acquire PET plants in US, Germany

Image from Indorama website

Indorama Ventures Pcl (IVL), a Thai-listed chemical producer, has entered into agreements to acquire the PET plants in the United States and Germany for an undisclosed sum, according to the company’s statements last week.

The plants it is acquiring include a PET recycling facility in Alabama from Custom Polymers PET with an annual capacity of 31,000 tonnes and INVISTA Resins & Fibers GmbH, which owns a high value-added PET production plant in Gersthofen, Germany, with a total capacity of 282,000 tonnes per annum.

Both acquisitions will foster IVL’s business and help expand its footprint in the barrier resins and recycled PET material markets globally.

“We are already capitalising on the opportunities in the U.S. market, one of the largest barrier resins markets in the world – through our existing OXYCLEAR® Barrier PET licence in America’s. This strategic acquisition will evolve IVL to the next level of success by taking advantage of opportunities in global markets,” Aloke Lohia, Group CEO of Indorama Ventures said, in the statement.

Meanwhile, IVL cited that despite the fluctuations in the quality of post-consumer feedstock, Custom Polymer’s recycling plant can make recycled PET material to serve the needs in packaging and fiber industry. Post the acquisition, IVL will have footprint in multiple locations in Europe, Mexico, Thailand and the United States.

The acquisition in Germany is expected to be completed in the first quarter of 2019, subject to regulatory approvals.

IVL currently has a global manufacturing footprint across Africa, Asia, Europe and the US with around 16,000 employees worldwide. It posted a 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.

Also read:

Thailand: Indorama Ventures to acquire German airbag maker UTT

Thai petrochemical firm Indorama acquires 74% stake in Egypt’s Medco Plast

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.

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.