Indorama acquire Polyplex’s PET resin plant in Turkey

Indorama to acquire Polyplex’s PET resin plant in Turkey

10:56 AM, 9th January 2015
Indorama to acquire Polyplex’s PET resin plant in Turkey

BANGKOK, THAILAND: Indorama Ventures PCL (IVL), one of the world’s foremost petrochemical producers, has reached a definitive agreement with Polyplex Europa Polyester Film San ve Ticaret A?, Turkey, a 100 per cent subsidiary of Polyplex (Thailand) PCL (PTL) and Polyplex (Asia) Pte Ltd, Singapore, to fully acquire the new state-of-the-art PET resin plant with a planned capacity of 252,000 tonne per year situated close to Istanbul in Turkey. The transaction is expected to be completed in the first quarter of 2015.

Following the acquisition of the 130,000 tonne Artenius Turkpet plant (now renamed Indorama Ventures Adana PET) in the second quarter of 2014, the company will have a combined capacity of 382,000 tonne, making IVL a clear number one domestic PET producer in Turkey and the South East Europe region.

“Turkey is the rising star - the fastest emerging market of Europe and OECD in fact, with strategic access to the South East European market. Our focused growth in key markets will be instrumental in reinforcing our position as the preferred supplier to the beverage industry. Europe in general has been relatively weak since 2013 which has led to strategic M&A actions by us in 2014 to improve our EMEA cost position and serve our customers competitively from within the region. The industry consolidation, competitive currency environment and the lower raw material costs creates superior value for our customers and shareholders alike,” said Aloke Lohia, Vice Chairman and CEO, Indorama Ventures.

 

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