01 December 2011 03:14 [Source: ICIS news]
SINGAPORE (ICIS)--Thai producer Indorama Ventures Ltd (IVL) said late on Wednesday it has closed the deal to acquire the European recycling operations of Wellman International from German firm Aurelius for an undisclosed amount.
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“The deal, which was first announced in September 2011, will assist IVL in pursuing its customers' sustainability needs and meet the demands of consumers for more recycling of post consumer products,” IVL said.
Wellman International processes a total of 1.6bn used PET bottles each year.
“I see the possibility for Indorama Ventures to move towards being a ‘zero waste' company with lower dependence on upstream carbon based feedstocks,” said IVL CEO Aloke Lohia in the statement.
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