PET maker Indorama Ventures Public Co. Ltd. is expanding in Turkey with the acquisition of a majority of Sasa Polyester Sanayi.
Bangkok-based Indorama bought a 51 percent share in Sasa from its parent company, Sabanci Holding in a deal announced April 10 worth $62 million, Sabanci said in a filing with the Istanbul Stock Exchange.
Indorama's wholly-owned European subsidiary, Indorama Netherlands B.V. will hold the Sasa shares.
Indorama says Sasa's product range includes polyester staple fibers, PET, thermoplastic polyester elastomers and dimethyl terephthalate, which is the main monomer of PET and PBT polymers, as well as various plasticizers.
The company launched production of polymers in 1966 and operates two plants located in Adana, in Turkey's south.
“Sasa has a rich heritage of technology and expertise which will be complementary to Indorama Ventures since Sasa is now serving over 54 countries with 150 different types of products,” said Indorama CEO Aloke Lohia in a news release. “Turkey's unique geographical position straddling Europe, North Africa, Central Asia and the Middle East offers the potential for faster growth in both the domestic and export markets to neighboring countries and Europe.”
Sasa has total production capacity of 600,000 metric tons per year.
The acquisition marks another step in Indorama's expansion to the Turkish plastics market. In March 2014, Turkish competition watchdog Rekabet Kurumu authorized Indorama to take over local PET packaging producer Artenius TurkPET A.Ş. The Dutch company acquired the polymer maker from Spain's plastic packaging producer La Seda De Barcelona.