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BANGKOK (Feb. 23, 12:50 p.m. ET) — Indorama Ventures Public Co. Ltd. said it sustained high performance in 2011 despite challenges, thanks to the addition of key specialty products to its portfolio.
IVL reported sales of US$6.1 billion for 2011, approximately double its 2010 consolidated sales of US$3.055 billion.
Net profit rose 55 percent to US$510 million from US$328 million in 2010.
After excluding extraordinary items, IVL achieved a net profit of US$297 million, 38 percent higher than the US$215 million in 2010.
IVL achieved impressive annual volume growth despite natural disasters that impacted its manufacturing plants — flooding in Thailand and a tornado in Alabama.
Polyester continues its steady growth due to its affordability, recyclability, and versatility as a packaging and textile material, according to IVL.
After a slow fourth quarter, all of its business segments are seeing resilient consumer demand in all markets, leading to high manufacturing utilization rates and lower operating cost, IVL said.
The company acquired Wellman International in 2011, making it the largest recycler in Europe. The company plans to implement recycling projects in the United States and Thailand.