BANGKOK (July 6, 12:05 p.m. ET) — Thailand-based Indorama Ventures Public Co. Ltd. (IVL) has signed an agreement to buy shares of Indonesian company PT Polyprima, a manufacturer of purified terephthalic acid.
Polyprima, located in Cilegon, West Java, has an installed capacity of 465,000 metric tons per year.
Indorama CEO Aloke Lohia said the company “will derive cost savings by owning our own PTA feedstock.” The company intends to debottleneck Polyprima's plant to reach a capacity of 500,000 metric tons per year.
Meanwhile, Indorama also announced that its consortium has completed the takeover of polyester manufacturer Trevira. The buyers, which include Indorama Ventures pcl and Sinterama SpA, took over the company on July 1, after receiving the green light from the relevant cartel authorities in Brussels and Turkey.
Paolo Piana has been designated chairman of the supervisory board of Trevira GmbH and CEO of Trevira Holdings GmbH, the holding company founded by the new owners.
Robert Gregan, 46, is now joining Trevira as CEO. He will manage the company along with Klaus Holz, who has acted as managing director since January. Gregan's experience includes stints at Hoechst AG, KoSa and Invista.