Press Release
Indorama Ventures to enter China with Purchase of Polymer and Resins business
Acquisition anticipated to make Indorama Ventures the largest PET producer in the world with manufacturing in every major consuming market
Bangkok, Thailand - November 11, 2010 - Indorama Ventures announced today that it has signed a definitive agreement to acquire the assets of Guangdong Shinda UHMWPE Co., Ltd having manufacturing in Kaiping City, Guangdong Province of China. The plant has an installed capacity of 406,000 tons per annum to produce PET polymers and Polyester polymers for fibers and yarns and industrial applications.
A public company traded on the Stock Exchange of Thailand, Indorama Ventures is currently the world's second largest producer of PET (polyethylene terephthalate). The Company's products are used in a wide range of segments including beverages, food, pharmaceuticals, personal and home care, non-wovens, home textiles, technical textiles, automotives, and apparel. The PET and Fiber business of Indorama Ventures is suitably integrated with about 1.8 million tons of PTA manufacturing in Europe and in Asia.
"We believe Guangdong Shinda UHMWPE Co., Ltd assets will be the first investment by Indorama Ventures in China, and I am happy that they chose Kaiping for this significant step," said Mayor Huang Yao Xiong of Kaiping City. "I want to extend thanks and a warm welcome to Indorama Ventures. The Guangdong Shinda assets under the ownership of world leader Indorama Ventures will prosper and create valuable job opportunities as well as prosperity in our region."
"China is a fast growing country for PET and will soon become the worlds largest consumer and this acquisition will allow us to build upon our expanding global platform, making the company the largest vertically integrated PET producer in the world," said, Aloke Lohia, group chief executive officer of Indorama Ventures. "We believe these assets will further allow Indorama Ventures to better serve its global customers and at the same time create new opportunities for us in this vast Chinese market," added Lohia.
The transaction is expected to be finalized sometime in the first quarter of 2011, pending required regulatory approvals as well as certain conditions precedent by the vendor.
Bangkok, Thailand - November 11, 2010 - Indorama Ventures announced today that it has signed a definitive agreement to acquire the assets of Guangdong Shinda UHMWPE Co., Ltd having manufacturing in Kaiping City, Guangdong Province of China. The plant has an installed capacity of 406,000 tons per annum to produce PET polymers and Polyester polymers for fibers and yarns and industrial applications.
A public company traded on the Stock Exchange of Thailand, Indorama Ventures is currently the world's second largest producer of PET (polyethylene terephthalate). The Company's products are used in a wide range of segments including beverages, food, pharmaceuticals, personal and home care, non-wovens, home textiles, technical textiles, automotives, and apparel. The PET and Fiber business of Indorama Ventures is suitably integrated with about 1.8 million tons of PTA manufacturing in Europe and in Asia.
"We believe Guangdong Shinda UHMWPE Co., Ltd assets will be the first investment by Indorama Ventures in China, and I am happy that they chose Kaiping for this significant step," said Mayor Huang Yao Xiong of Kaiping City. "I want to extend thanks and a warm welcome to Indorama Ventures. The Guangdong Shinda assets under the ownership of world leader Indorama Ventures will prosper and create valuable job opportunities as well as prosperity in our region."
"China is a fast growing country for PET and will soon become the worlds largest consumer and this acquisition will allow us to build upon our expanding global platform, making the company the largest vertically integrated PET producer in the world," said, Aloke Lohia, group chief executive officer of Indorama Ventures. "We believe these assets will further allow Indorama Ventures to better serve its global customers and at the same time create new opportunities for us in this vast Chinese market," added Lohia.
The transaction is expected to be finalized sometime in the first quarter of 2011, pending required regulatory approvals as well as certain conditions precedent by the vendor.