MOSCOW (
MRC) -- Indorama Ventures has decided to pull out of an agreement to acquire SASA Polyester Sanayi AS (SASA) in Turkey, said
Business Standard.
On April 10, 2014, Indorama Netherland BV had entered into a sale purchase agreement to acquire 51% stake in SASA from Haci Omer Sabanci Holding AS.
“With reference to our disclosure, dated April 10, 2014, the company would like to inform you that both sides have mutually agreed to withdraw from implementing the acquisition of SASA,” said Indorama Ventures in a letter addressed to the Stock Exchange of Thailand.
Indorama Ventures added that it has decided to focus on its PET footprint in Turkey.
SASA incorporates integrated feedstock and polymer facilities producing DMT, staple fibres, filament yarns, PET, PBT polymers and specialty chemicals with a total plant capacity of 600,000 tons per annum. SASA supplies both Turkish and European markets with high quality, high value added products.
As MRC wrote before, 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.
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