Bangkok--30 Jun--Indorama Ventures
Indorama Ventures Public Company Limited (“IVL”) has acquired the Italian PET and PTA producer Ottana Polimeri S.R.L. from Equipolymers Europe, a joint venture between Dow Chemical Company and Petroleum Industries Company of Kuwait. The deal provides IVL access to the Mediterranean region, including markets in Southern Europe and North Africa. The acquisition was made through a 50:50 joint venture between IVL’s European subsidiary IVL Belgium N.V. and PCH Holding S.R.L. (“PCH”) of Italy.
The 192,000 tonnes per annum PTA plant and the 150,000 tonnes per annum PET plant is situated on the island of Sardinia, Italy, offering the company the strategic ability to serve Southern Europe with the shortest transportation route possible. IVL also has plants in the Netherlands, the UK and Lithuania that will serve PET customers in Northern and Eastern Europe.
Group CEO of Indorama Ventures Public Company Limited, Mr. Aloke Lohia, said, “This is a very timely acquisition for us and our partner as Europe currently is a net importer of PET and so demand is strong. We have an opportunity with this acquisition to further serve our European customers with fast and timely delivery of PET resin while also expanding our market.”
For journalists:
About PCH Holdings
PCH Holding S.R.L. (PCH) is a leading independent private utility company in Italy and has a wholly owned subsidiary that produces electricity (140 MW), steam and other utilities like compressed air, nitrogen and de-mineralized water in Ottana, Italy.
About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB) is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company’s main products are PTA, PET and Polyester fiber, which are distributed across the world. IVL has approximately 3,500 employees worldwide and annual consolidated revenue of $2.3 billion in 2009.
PET is Polyethylene terephthalate, a thermoplastic polymer resin of the polyester family and is used in synthetic fibers; beverage, food and other liquid containers.
PTA is Purified Terephthalic acid, is a precursor or feedstock of PET and Polyester.
Issued by : Indorama Ventures Public Company Limited
For further information : Richard Jones
Indorama Ventures Public Company Limited
Tel. 0 2661 6661 ext. 680
Email:
[email protected]