SINGAPORE (ICIS)--Indorama Ventures Ltd (IVL) has acquired French plastics recycler Societe de Recyclage de Matieres Plastiques (Sorepla) from Aeromaritime Systems Group for an undisclosed fee, the Thailand-listed producer said on Tuesday.
The deal was done through IVL’s indirect subsidiary, Wellman International Ltd, the company said in a statement.
“The transaction closes with immediate effect,” it said.
The acquisition “expands the opportunity to cater to the increase in demand for recycled polyethylene terephthalate (PET)”, the company said.
Sorepla is one of the largest plastics recycler in Europe with a capacity of 52,000 tonnes/year, it added without elaborating further.