Thailand's Indorama Ventures PCL (IVL) has announced it has reached an agreement with Polyplex Europa Polyester Film San ve Ticaret. A.Ş., Turkey to fully acquire the new PET resin plant in Istanbul, Turkey, with a planned capacity of 228,000 metric tons per year.
Polyplex Europa Polyester Film San ve Ticaret. A.Ş., Turkey, is a 100 percent subsidiary of Polyplex (Thailand) PCL (“PTL”) and Polyplex (Asia) Pte, Singapore. An IVL spokesperson told EPN that the price of the acquisition is not being revealed as the deal is not yet complete.
IVL states that following its acquisition of the 130,000 metric ton capacity Artenius Turkpet plant (renamed Indorama Ventures Adana PET) in the second quarter of 2014, the company will now have a combined capacity of 346,000 metric tons.
IVL states that with the new acquisition it increases its presence as a domestic PET producer in Turkey and the South East Europe region.
Aloke Lohia, IVL vice chairman and CEO said: “Turkey is the rising star — the fastest emerging market of Europe and OECD in fact, with strategic access to the South East European market. Our focused growth in key markets will be instrumental in reinforcing our position as the preferred supplier to the beverage industry.
“Europe in general has been relatively weak since 2013, which has led to strategic [merger and acquisition] actions by us in 2014 to improve our EMEA cost position and serve our customers competitively from within the region. The industry consolidation, competitive currency environment and the lower raw material costs creates superior value for our customers and shareholders alike,” Lohia added.
IVL states that the transaction is expected to be completed in the first quarter of 2015.