Thailand's IVL completes acquisition of US EO producer Old World

04 April 2012 03:52  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand-listed polyester maker Indorama Ventures Ltd (IVL) has completed its $795m (€604m) buyout of US-based ethylene oxide/ethylene glycol (EO/EG) producer Old World Industries, the company said on Wednesday.

IVL has “completed all the closing formalities” and has taken charge of Old World’s plant at Clear Lake in Texas effective 1 April, the company said in a statement.

Old World is the largest single EO/EG production facility in the US, with a crude EO production capacity of 435,000 tonnes/year.

The facility also produces 204,000 tonnes/year of purified EO and 358,000 tonnes of monoethyelene glycol (MEG).

IVL has also formed three indirect wholly owned US-subsidiaries to hold its new Old World business: Indorama Ventures Holdings, Indorama Ventures Investment and Indorama Ventures Capital.

($1 = €0.76)

By: Nurluqman Suratman

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