01 April 2010 16:24 [Source: ICIS news]
LONDON (ICIS news)--Indorama’s recent acquisition of Equipolymers’ purified terephthalic acid (PTA) and polyethylene terephthalate (PET) production facilities at ?xml:namespace>
The Indorama source said that the location of the facilities would benefit Indorama’s strategy to improve the group’s representation in
Equipolymer's PET and PTA assets at Ottana, in
Indorama planned to make unit costs attractive in order to encourage customers to promote PET as the packaging of choice, the source said.
The facilities have a capacity of 160,000 tonnes/year of PET and 190,000 tonnes/year of PTA, according to the ICIS plants and projects database.
Financial terms of the agreement were not disclosed; however, the transaction was expected to close on 1 June.
Equipolymers, a 50-50 joint venture between Dow Chemical and the Petrochemical Industries Co (PIC) of Kuwait, said the Ottana site, which currently has about 120 employees, would be sold to help preserve its future viability and continued operation, while enabling the group’s production facilities at
In December 2007, Indorama completed the acquisition of
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