- Reinforces intellectual property with global rights for Speciality PET resins
- First European manufacturing site for High Value-added polymers and R&D capabilities
Bangkok, Thailand – 20 December 2018 – Indorama Ventures Public Company Limited (IVL), a global chemical producer, announced that it has entered into an agreement to acquire INVISTA Resins & Fibers GmbH, which owns a high value-added PET manufacturing facility located in Gersthofen, Germany. The Gersthofen site has a combined capacity of 282,000 tonnes/ annum, and employs approximately 140 employees.
The transaction is expected to be completed in the 1st quarter 2019, subject to regulatory approvals.
Invista Gersthofen is a strong strategic fit with IVL and is aligned with our strategy to grow and support our customer’s needs with differentiated solutions in both packaging and in industrial fibers. IVL will own the intellectual property rights of POLYSHIELD® PET and OXYCLEAR® Barrier PET, Invista’s barrier technology, in all markets globally. POLYSHIELD® PET and OXYCLEAR® Barrier PET brands are well-anchored in oxygen barrier packaging i.e. Ketchup. Together with IVL’s HVA polymer business in America’s, Gersthofen will open new opportunities in several new markets and attractive segments.
PET packaging with an oxygen barrier is mainly used by the food and beverage industry to protect oxygen-sensitive products, such as juice, wine, beer, dairy as well as ketchup, sauces and other condiments throughout their entire shelf life. Demand for barrier resins is expected to grow at a strong pace, driven by the improved shelf life of packaged food products, the increasing health and hygiene concerns and the emergence of new recyclable PET applications over traditional materials such as glass and aluminum cans. Currently, IVL has a leading market share in the North America oxygen barrier PET market.
Commenting on the acquisition, Mr. Aloke Lohia, Group CEO of Indorama Ventures said, “This is very exciting development for IVL. With our strong foundation in the PET market and IVL’s geographic reach, we see vast opportunities to grow the POLYSHIELD® PET and OXYCLEAR® Barrier PET brands to their full potential, and reach existing and new customers around the world.
We are already capitalizing on the opportunities in the U.S. market, one of the largest barrier resins markets in the world - through our existing OXYCLEAR® Barrier PET license in America’s. This strategic acquisition will evolve IVL to the next level of success by taking advantage of opportunities in global markets. With this acquisition, we reinforce our commitment to deliver the highest value to our customers and create sustainable long-term value for our shareholders.”
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About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and Americas. The company’s portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA where economical. Indorama Ventures products serve major FMCG and Automotive sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. Indorama Ventures has approx. 16,000 employees worldwide and consolidated revenue of US$ 8.4 billion in 2017. The Company is listed in the Dow Jones Sustainability Index (DJSI).
Indorama Ventures is headquartered in Bangkok, Thailand with global operating sites in
|EMEA:||The Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland, Czech Republic, Luxembourg, Spain, Turkey, Nigeria, Ghana, Portugal, Israel, Egypt, Russia, Slovakia|
|Americas:||USA, Mexico, Canada, Brazil|
|Asia:||Thailand, Indonesia, China, India, the Philippines, Myanmar|
Tel: +662.661.6661 ext. 680
Tel: +662.661.6661 ext. 247
This document contains “forward-looking statements” about the financial condition and results of operations of Indorama Ventures Public Company Limited (the “Company”), which are based on management’s current beliefs, assumptions, expectations and projections about future economic performance and events, considering the information currently available to the management. Any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should, “predicts”, “projects”, “estimates”, “foresees” or similar expressions or the negative thereof, identify or signal the presence of forward-looking statements as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of the Company.
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