BANGKOK (Aug 14, 12:45 p.m. ET) — Indorama Ventures Public Co. Ltd. (IVL) has completed the acquisition of the PET assets of PT Polypet Karyapersada in Indonesia.
The deal, first announced in March, provides IVL with 100,800 metric tons of PET capacity adjacent to the purified terephthalic acid assets of PT Indorama Petrochemicals (formerly known as PT Polyprima Karyesreska) at Cilegon, West Java, which IVL acquired under a joint venture in 2011.
Indorama Ventures Group CEO Aloke Lohia said, "Indorama Ventures has pursued an integration strategy of our PET and PTA businesses in Thailand, Italy (under a joint venture) and the Netherlands and earlier announced upstream integration into MEG [monoethylene glycol] in North America. The acquisition of PT Polypet Karyapersada creates synergies due to it being co-sited with our PTA plant PT Indorama Petrochemicals in Indonesia, making it a strategic investment in the most populous country in ASEAN.”
He added: “We are very pleased to be participating in the strong growth of Indonesia. The country is a very attractive market for long term investment and the Polypet deal will allow us to keep pace with and serve the growth of our major customers in the country.”