IVL Completes PT Polypet Karyapersada PET Acquisition
Thailand-based polyester producer Indorama Ventures PCL (IVL) recently added 100,800 metric tons of
polyethylene terephthalate (PET) capacity with the acquisition of Indonesia-based PT Polypet
Karyapersada's PET assets. The new PET capacity is located in West Java adjacent to PT Indorama
Petrochemicals' PTA assets, which IVL acquired last year.
"The acquisition of PT Polypet Karyapersada creates synergies due to it being co-sited with our PTA plant PT Indorama Petrochemicals in Indonesia, making it a strategic investment in the most populous country in ASEAN," said Aloke Lohia, Group CEO, Indorama Ventures.
"We are very pleased to be participating in the strong growth of Indonesia. The country is a very attractive market for long-term investment and the Polypet deal will allow us to keep pace with and serve the growth of our major customers in the country."
Indorama has made numerous global acquisitions over the past year including two in North America: Clear Lake, Texas-based Old World Industries (see " Indorama Acquires Old World," TextileWorld.com, February 7, 2012); and Duluth, Ga.-based FiberVisions Holdings LLC (see " Indorama Acquires FiberVisions Holdings," TextileWorld.com, January 10, 2012).
August 14, 2012