APIC ’12: Thailand’s Indorama to halt acquisition spree

18 May 2012 09:11  [Source: ICIS news]

KUALA LUMPUR (ICIS)--Thailand-based Indorama Ventures Ltd (IVL) is not planning to make any more acquisitions, a senior executive said on Friday.

“We are in consolidation phase now. We don’t plan to make any more acquisitions,” said D K Agarwal, CEO of Indorama Polymers, an IVL subsidiary.

He spoke to ICIS on the sidelines of the Asia Petrochemical Industry Conference (APIC) in Kuala Lumpur.

IVL completed its $795m (€628m) buyout of US EO/EG producer Old World Industries on 1 April.

That acquisition followed a series of deals in the past two years.

These include the polyethylene terephthalate (PET) assets of Indonesia-based Polypet Karyapersada, US-based polypropylene (PP) fibres producer FiberVisions, US-based producer Wellman’s European PET recycling business, and a 50% stake in Indonesia-based PET producer Polyprima.

It also includes Indonesia-based PET producer SK Keris, a 75% stake in Germany-based polyester producer Trevira, Poland-based SK Eurochem, US PET producer Invista’s US and Mexico PET assets and Italy-based PET producer Equipolymers.

($1 = €0.79)

By: Joseph Chang
+1 713 525 2653

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