Indorama Ventures acquires Turkish PET producer
Thailand based petrochemical producer Indorama Ventures PCL said it has reached a definitive agreement with Polyplex Europa Polyester Film San ve Ticaret. A.S., Turkey, to fully acquire the new state-of-the-art PET resin plant with a planned capacity of 252,000 tons per year.
Polyplex Europa Polyester is a 100 per cent subsidiary of Polyplex (Thailand) PCL and Polyplex (Asia) Pte Ltd, Singapore and its plant is situated close to Istanbul in Turkey and the transaction is expected to be completed in the first quarter of 2015.
Following the acquisition of the 130,000 tons Artenius Turkpet plant now renamed Indorama Ventures Adana PET in the second quarter of 2014; the company will have a combined capacity of 382,000 tons, making IVL a clear number one domestic PET producer in Turkey and the South East Europe region.
“Demand for PET is growing at around 6 per cent per annum and with a population of 76 million with 50 per cent under the age of 30 and 10 million new middle-class households by 2020, this makes the Turkish market itself very attractive, “ Indorama informs.
CEO at Indorama Ventures, Aloke Lohia says, “Turkey is the rising star and the fastest emerging market of Europe and OECD in fact, with strategic access to the South East European market. Our focused growth in key markets will be instrumental in reinforcing our position as the preferred supplier to the beverage industry”.
“Europe in general has been relatively weak since 2013 which has led to strategic M&A actions by us in 2014 to improve our EMEA cost position and serve our customers competitively from within the region. The industry consolidation, competitive currency environment and the lower raw material costs creates superior value for our customers and shareholders alike,” he added. (AR)
Fibre2fashion News Desk - India