06 March 2012 03:27 [Source: ICIS news]
SINGAPORE (ICIS)--Thailand-listed Indorama Ventures will fully acquire the polyethylene terephthalate (PET) assets of Indonesian producer Polypet Karyapersada for an undisclosed fee, the polyester maker said on Tuesday.
Polypet Karyapersada owns a 100,800 tonne/year PET facility at Cilegon in Indonesia, Indorama said in a statement.
The facility is located adjacent to Indorama’s joint venture purified terephthalic acid (PTA) plant, according to the company.
“[The acquisition] will provide Indorama the opportunity to further consolidate its foothold in expanding the Indonesian PET market,” it said.
The deal is expected to be completed in the first quarter of this year, subject to regulatory approvals, it said.
The PET assets will be held by Indorama Polypet Indonesia, an indirect subsidiary of Indorama Ventures, the firm added.
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