Thailand's IVL completes acquisiton of PET assets in Indonesia

14 August 2012 04:51  [Source: ICIS news]

SINGAPORE (ICIS)--Thailand-listed polyester maker Indorama Ventures Ltd (IVL) said on Tuesday it has completed the acquisition of the polyethylene terephthalate (PET) assets of Indonesia’s Polypet Karyapersada for an undisclosed fee.

The deal, which was first announced in March this year, will provide IVL with 108,000 tonnes/year of PET capacity adjacent to the firm’s purified terephthalic acid (PTA) assets at Cilegon in West Java, Indonesia, the company said in statement.

IVL acquired the PTA assets from Indonesia’s Polyprima Karyesreska under a joint venture last year, according to the firm.

"Indorama Ventures has pursued an integration strategy of our PET and PTA businesses in Thailand, Italy (under a joint venture) and The Netherlands and earlier announced upstream integration into monoethylene glycol (MEG) in North America,” said IVL’s CEO Aloke Lohia.

“The acquisition of PT Polypet Karyapersada creates synergies due to it being co-sited with our PTA plant PT Indorama Petrochemicals in Indonesia, making it a strategic investment in the most populous country in ASEAN,” Lohia added.

By: Nurluqman Suratman

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