MOSCOW (MRC) -- Indorama Netherlands B.V., a 100%-owned subsidiary of Indorama Ventures Public Company Limited (IVL), has signed a share purchase agreement to acquire 100% equity stake of Polyplex Turkey from Polyplex Europa Polyester Film San. ve Tic. A.S, Turkey, a 100% owned subsidiary of Polyplex (Thailand) Pcl., and Polyplex (Asia) Pte Limited, Singapore, according to IVL's press release.
Polyplex Turkey owns a newly set-up greenfield PET plant with a planned capacity of 252,000 tons per annum located at Corlu, close to Istanbul, Turkey.
Following the acquisition of the 130,000 tons per annum Artenius Turkpet PET plant (now renamed Indorama Ventures Adana PET) in the second quarter of 2014, IVL will have a combined PET capacity in Turkey of 382,000 Mts. The plants will serve the growing markets of Turkey and South East Europe.
Under our European strategy, the acquisition will help to strengthen IVL's leadership in Greater Europe while broadening access not only to traditional North European markets but the emerging markets of South East Europe.
The value of the acquisition is not subject to disclose as per the regulation concerning the acquisition and disposal of assets of listed companies as prescribed by the regulation of the Stock Exchange of Thailand. The transaction is expected to be completed in the first quarter of 2015.
Indorama Ventures is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company’s main products are PTA, PET and polyester fibre, which are distributed across the world.
MRC