IVL Acquisition of Cepsa Business in Spain Complete
Apr 08, 2016
Bangkok, Thailand – 08 April 2016 – Indorama Ventures Public Company Limited (IVL), a world-class chemical producer, has announced the acquisition of 100% of the Purified Isopthalic Acid, Polyethylene Terephthalate (PET and Purified Terephthalic Acid (PTA) assets of Cepsa Química S.A., a subsidiary of Compañía Española de Petróleos S.A.U. (“CEPSA") in Guadarranque-San Roque, Cadiz, Spain. The company will be renamed Indorama Ventures Química S.L.U. The acquisition makes Indorama Ventures a world-leading producer of Isopthalic Acid, a key chemical additive in the manufacture of PET for packaging as well as consolidating our strategy in Europe.
“The acquisition provides Indorama Ventures with a stronger base in Europe and will allow us to simplify logistics costs in the region,” said Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited. “The addition of the key chemical, Isopthalic Acid, provides us with a high value-added business that is a good fit in our international strategy.
“Our Spanish assets will complement Indorama Ventures’ existing portfolio in Europe with consolidation of PTA and PET assets and with addition of PIA, a high value add business. We see some debottlenecking opportunities at the plant that will increase efficiency,” Lohia added.
“We have a great team onboard now, and I would like to take the opportunity to welcome both the employees and customers of Cepsa and look forward to working closely with them going forward.