Creating Global Leadership in PET
In just under 15 years, Indorama Holdings developed numerous business segments, becoming Thailand’s first worsted wool yarn producer, a PET manufacturer, and the country’s largest polyester fiber producer. The company also transitioned from operating domestically to global expansion with acquisitions in the United States and Europe, becoming a global PET producer in addition to a sizable player in the PTA business.
- Formation of our joint venture with Serm Suk PCL, the exclusive bottler of Pepsi products in Thailand, boosting growth in Indorama Holdings’ PET downstream business
- Acquisition of Indo Poly, a polyester fiber plant in Thailand, marking our entry into the polyester business, and subsequently becoming the largest polyester fiber producer in Thailand
- Acquisition of StarPet in the United States marking our international expansion in PET production
- Listing of Indorama Polymers (IRP) on the Stock Exchange of Thailand
- Acquisition of Orion Global PET in Lithuania marking our expansion into Europe
Further Integration with PET & Fibers
Indorama Holdings becomes Indorama Ventures Limited and continues with its geographic and operational expansion in Italy, Germany, the Netherlands, Ireland, and Poland in Europe, and establishes a foothold in China’s Guangdong Province with an acquisition of a PET Polymer producer. A fiber project in Thailand and an acquisition in Indonesia further boost capacity for Indorama Ventures in Southeast Asia.
- Construction completed of AlphaPet in the United States.
- Adoption of “Indorama Ventures Limited,” or IVL, for the entire group.
- Delisting of IRP followed by the listing of IVL on the Stock Exchange of Thailand.
- Acquisition of Italys’ Ottana Polimeri through a joint venture.
Adding High Value-Added Verticals - Hygiene, Automotive and Industrials
This four-year period is notable for IVL’s dramatic global expansion and rapid growth with a host of strategic acquisitions that really extend and strengthen production and manufacturing capacity around the world – including the United States, Spain, [other European countries resulting from FiberVisions] China, Japan, Indonesia, the UK, Indonesia, Turkey, Nigeria, the Philippines, Ghana, Canada, Thailand and India.
- Acquisition of Indorama Ventures Packaging (Nigeria).
- Announcement of agreement to acquire Polyplex Resins Sanayi Ve Ticaret Anonim Sirketi, a new resin plant in Turkey.
- Acquisition of Bangkok Polyester PCL in Thailand.
- Agreement signed to acquire CEPSA Chimie Montréal S.E.C. in Canada.
- Acquisition of a 76% stake in an ethylene cracker in Lake Charles, Louisiana making us the first Thai company to tap into the shale gas revolution in the United States.
- Agreement signed to acquire CEPSA Spain’s PIA, PET, and PTA businesses.
- Agreement signed to acquire MicroPet’s PET business.
Creating a World-Class Chemicals Company
Indorama Ventures consolidates its leadership position, as a top global producer of isopthalic acid, having the world’s only plant that manufactures naphthalene dicarboxylate, and completing a joint-venture in India becoming the country’s second-largest PET producer. Additional acquisitions are announced in Europe strengthening our position in PET production in Portugal, in addition to a move into technical yarns, tire cords, and fabrics for the rubber and composite industries.
- Acquisition of BP Amoco’s chemicals business in Decatur, Alabama, consisting of PX and PTA manufacturing as well as the only commercial plant that manufactures NDC in the world.
- Acquisition of the PIA, PET and PTA assets of CEPSA Spain completed. The acquisition makes us a world-leading producer of Isopthalic Acid (PIA), a key chemical additive in the manufacture of PET for packaging as well as consolidating our strategy in Europe.
- Completion of joint venture MicroPet with Dhunseri Petrochem Ltd. in India. The JV company acquires a 50% stake in Dhunseri Petglobal Ltd.
- Acquisition announced of Glanzstoff Group, a major European manufacturer of tire cord fabrics and single-end-cords (SEC) for high performance tire applications. Glanzstoff Group’s manufacturing sites are in Luxembourg, Italy and the Czech Republic
- Acquisition of DuraFiber Technologies México Operations, S. A. DE C. V. (DFT), a leading Mexican producer of durable technical textiles for industrial, tire reinforcement, and specialty applications globally.
- Acquisition of Portugal’s Artlant PTA, S.A. in Sines, Portugal and the assets of Artelia Ambiante, S.A., an adjacent utilities provider which secures the energy supply to Artlant.
- Acquisition of M&G Polimeros Brazil S.A. in Ipojuca, Brazil, the largest PET facility in the country with a capacity of 550,000 tpa.
- Formation of an equal joint venture company, namely Corpus Christi Polymers LLC (CC Polymers), with Alpek and Far Eastern and entered into an asset purchase agreement with M&G USA Corp. and its affiliated debtors (M&G) to acquire the integrated PTA-PET plant currently under construction in Corpus Christi, Texas, the US. The plant is expected to be the largest single line vertically integrated PTA-PET production facility in the world and the largest PTA plant in the Americas with a capacity of 1.1 million metric tons of PET and 1.3 million metric tons of PTA per annum.
- Acquisition of Avgol Industries 1953 Ltd., with a capacity of 203,000 tpa. Avgol Industries is a global manufacturer of non-woven fabric and hygiene products with six sites located in Israel, the US, Russia, China and India.
- Formation of a joint venture in Egypt with Dhunseri Petrochem Limited, namely Egyptian Indian Polyester Company S.A.E. (EIPET), the largest PET producers in the Middle East and Africa, with a capacity of 540,000 tpa.
- Formation of a 50:50 joint venture limited liability company in the US with Huvis Global Corporation named Huvis Indorama Advanced Materials, LLC. (HIAM) with a capacity of 60,000 tpa. HIAM is a manufacturer of Low Melting Fiber (LMF) used as a binder fiber in core-sheath constructions to produce HVA applications for automotive and industrial composites.
- Acquisition of KORDÁRNA Plus a.s. (Kordarna) in the Czech Republic with a capacity of 57,000 tpa. Kordarna is the largest producer of tire cord fabrics in Europe, having one production site in the Czech Republic and another in Slovakia.
- Acquisition of Medco Plast for Packing and Packaging Systems S.A.E., Egypt (MEDCO), the largest PET convertor in Egypt, with a production capacity of 70,000 Mts. per annum of PET preforms contributing to a market share of approximately 25%.
- Acquisition of Sorepla Industrie S.A. and its subsidiary in France (Sorepla) who is also the largest plastics recyclers in Europe with a capacity of 52,000 Mt per annum.
- Formed a 50:50 joint venture limited liability company in the US with Loop Innovations, LLC named Indorama Loop Technologies, LLC. (ILT), aimed at commercializing chemical recycling technology for sustainable PET packaging resin and Polyester fibers.
- Acquisition of Schoeller Group in Europe, with operating plants in Austria, the Czech Republic and Germany. Schoeller Group is a leading European producer of pure wool and wool blend worsted yarns, with one dyeing facility in Austria and one spinning facility in the Czech Republic, with a total production capacity of 3,600 tpa.
- Acquisition of M&G Fibras Brasil S.A. in Brazil, a Polyester Staple Fiber producer with a capacity of 75,000 tpa.
- Acquisition of UTT Beteiligungsgesellschaft mbH (UTT), Germany, one of the leading suppliers of airbag fabrics and other highly specialized solutions in the field of technical textiles, with two manufacturing sites located in Germany and Mexico and with the annual capacity of approximately 12,000 Mts.
- Acquisition of the PET business of INVISTA Resins & Fibers GmbH, Germany (IRFG); and certain intellectual property rights of INVISTA Textiles (UK) Limited with regards to its barrier technology. PolyShield® PET and OxyClear® Barrier PET are well-known brands in oxygen barrier packaging. The IRFG plant is located in Gersthofen, Germany and manufactures high value-added PET with a combined capacity of 282,000 tpa.
- Signed a definitive Asset Purchase Agreement of with Custom Polymers PET, LLC, to acquire their PET recycling facility in Alabama (US). The facility consists of two production lines: rPET flakes and food-grade rPET pellets, with a combined capacity of 31,000 tpa.
- An integrated PTA-PET asset at the Corpus Christi joint venture received all regulatory clearances required from the United States Federal Trade Commission for the proposed acquisition on December 21, 2018.
- Commercial production start-up at Indorama Ventures Xylenes & PTA, LLC’s PIA plant in Decatur, Alabama, the US. This plant complements IVL’s existing PIA plant at IVL Quimica in Spain. The two PIA plants have a combined name plate capacity of 440,000 MT per annum.
Taking a world-class chemicals company to the future, and growing into a new age of sustainability and leadership
Growth is at the center of our business strategy; IVL leverages its strength in acquiring and integrating assets as it creates an integrated, geographically diverse and diversified portfolio of chemical businesses aimed at pursuing its journey towards becoming a world-class chemical company.
Sustainability is at the core of everything we do. We have put in place long-term building blocks to ensure that we are uniquely positioned to capture further potential value and opportunities. The company has grown through organic and inorganic means. Contained within this Legacy section is a depiction of our story and our significant milestones, particularly in terms of the mergers and acquisitions conducted over the years since the company’s inauguration.
- Acquired a 100% equity stake in Sinterama S.p.A. and its subsidiaries (“Sinterama”). The acquisition of Sinterama comprises five production sites in four countries: Italy, Brazil, China and Bulgaria, with a combined capacity of approximately 30,000 tpa. Sinterama is vertically integrated from chips to yarns and offers a vast range of colored polyester yarns for the automotive, furnishing, apparel and technical applications.
- The Board of IVL passed a resolution to approve the acquisition of certain Integrated Oxides and Derivatives businesses/assets from Huntsman Corporation, located in Texas, US / New South Wales, Australia and Ankleshwar, India which manufacture the following key products: Ethylene Oxide (EO), Propylene Oxide (PO), Glycols, Ethanolamines (EOA), Surfactants, Linear Alkylbenezene (LAB) and Methyl Tertiary-butyl Ether (MTBE), including certain R&D centers, patents and technology.
- Acquired a 100% equity stake in Green Fiber International Inc. (“GFI”), which operates a plastics recycling facility in Fontana, California. The facility primarily produces Recycled Polyethylene Terephthalate (rPET) Flakes with a combined capacity of 40,000 tpa. This acquisition is strategically in-line with IVL’s long-term sustainability objectives and part of the company’s stated plan to invest significantly in recycling over the next five years.