November 19, 2012
Indorama Ventures Public Co. Ltd.’s plan to build a new PET resin plant in the U.S. is featured in this week’s Material Insights video. Bangkok-based Indorama hasn’t disclosed the location of the new plant, which would have 1.2 billion pounds of annual capacity. Market sources said it could be put in Decatur, Ala. where Indorama already has a PET plant or in Cooper River, S.C., where PTA feedstock is available. The resignation of Ferro Corp. CEO James Kirsch also is featured in this week’s video. Kirsch resigned shortly after the firm reported a third-quarter loss of more than $300 million, mainly due to a downturn in the solar market. Ferro’s plastics unit, however, has done well this year, with nine-month profit increasing 60 percent to more than $12 million. The video wraps up with news that PFB Corp.’s proposed acquisition of the performance styrenics business of Nova Chemicals Corp. has been called off. The deal would have made building products maker PFB a much larger company, adding about $330 million in annual sales to its own annual sales total of only $90 million.