INDONESIA – Indorama Ventures Public Company Limited (IVL) has acquired 100% of the PET resin assets of Indonesia’s PT Polypet Karyapersada for an undisclosed amount.
Located in Cilegon, a major coastal industrial city in Banten province, PT Polypet’s PET facility is located adjacent to IVL’s joint venture PTA assets of PT Indorama Petrochemicals (formerly known as PT Polyprima Karyareksa) and has an annual production capacity of 100,800 tons.
By acquiring the PT Polypet’s PET resin assets, IVL will have “the opportunity to further consolidate its foothold in expanding Indonesia’s PET market”, the company said in a press statement.
The new assets will be held by a new IVL indirect subsidiary, PT Indorama Polypet Indonesia. The acquisition is expected to be completed in the first quarter of 2012, subject to local regulatory approvals.
Headquartered in Bangkok, Thailand, IVL is one of the largest vertically integrated polyester chain producers in the world (three key verticals – PET, Polyester, PTA), with 32 manufacturing sites across the globe. In 2011, the company earned US$6.1 billion in revenue.