Indorama Ventures Ltd., part of global PET giant Indorama Group, has announced it has acquired Artenius TurkPET based in Adana, Turkey.
Artenius TurkPET had been part of insolvent Spanish company La Seda de Barcelona and produces PET resin with 130,000 metric tons of capacity.
The deal comes less than two months after Bangkok-based Indorama signed a deal to acquire 51 percent of SASA Polyester Sanayi AS of Istanbul. Artenius TurkPET is adjacent to SASA Polyester, which provides Indorama with a central geographic position to expand its sales into domestic and regional markets.
“Indorama leadership in the PET value chain will provide significant synergies to TurkPET in order to deliver above average returns,” said CEO Aloke Lohia in a news release. “Turkey and its encompassing region is a fast-growing market and our investments in Turkey are part of a well-defined strategy to bolster our global leadership and competitive advantage. We expect to make further follow-on investments in this thriving economy of 76 million consumers to replicate what we have built in Thailand as we see a similar opportunity to fully leverage on all our products portfolios.”