MOSCOW (MRC) -- Indorama Ventures Public Co. Ltd. (IVL; Bangkok, Thailand) has signed an agreement to acquire 100% shareholding of the Montreal-based purified terephthalic acid (PTA) business of Cepsa Quimica SA, Cepsa Chimie Montreal, said Chemengonline.
Cepsa’s plant is the only PTA facility in Canada, and one of only three PTA suppliers in North America. The acquisition, subject to the usual regulatory approvals, will allow the company to expand its footprint into Canada.
"This will be our inaugural entry into Canada," says Aloke Lohia, IVL group CEO. "Cepsa Chimie Montreal s.e.c. provides us the unique opportunity to acquire assets that will consolidate our North American polyester value chain businesses for added feedstock security. The acquisition is in line with our announced strategy to expand in our core businesses, primarily in the West."
Cepsa Chimie Montreal s.e.c. has, at this production site, a capacity of approximately 600,000 metric tons per year (m.t./yr) of PTA and receives piped supply of its feedstock para-xylene from an adjacent refinery. The plant is logistically well-placed to economically serve customers via rail access or via the St. Lawrence River.
As MRC informed earlier, Indorama Ventures Public Company Limited (IVL) informed that its subsidiary Indorama Petrochem Limited, Thailand has signed a definitive share purchase agreement with Bangkok Cable Company, Limited, a major shareholder, to acquire 94.91 percent equity stake in polyethylene terephthalate (PET) polymers maker Bangkok Polyester Public Company Limited (BPC), Thailand.
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