Thai chemicals company Indorama Ventures Ltd. (IVL) has taken over the Nigerian packaging company Bevpak (Nigeria) Ltd, continuing the series of recent acquisitions by IVL in recent years.
IVL says Bevpak, based in Ibadan, is “one of the largest” manufacturers of PET preforms in West Africa, with a production capacity of 18 kilotonnes per year (ktpa).
The transaction details have not been disclosed.
In a Feb. 7 stock exchange filing, Indorama said it expected to close the deal in the first quarter of 2019.
During the past two years, Indorama has made a string of purchases aimed at improving its polyester-related portfolio in Europe and Africa.
In June 2018, IVL entered a joint venture agreement with India's Dhunseri Petrochem Ltd. (Dhunseri) to acquire its 450ktpa PET production facility in Egypt. The facility, which belongs to the Egyptian Indian Polyester Company SAE (EIPET), is located in Ain Sokhna free trade zone, northwest of the Gulf of Suez.
Late last year, Indorama consolidated its speciality PET resins business in Germany with the acquisition of Invista Resins & Fibers GmbH. The takeover complemented a 2011 acquisition of Invista's PET business in North America and gave IVL intellectual property rights for speciality PET resins globally.
In 2017, the Thai chemicals company acquired Sines, Portugal-based manufacturer of purified terephthalic acid (PTA) Artlant PTA, SA, to add “substantially” to its PTA activities in Europe.
PTA is used as raw material for PET (Polyester) production.
The move followed another major acquisition by IVL earlier that year, which saw the company buying the film business joint ventures DuPont Teijin Films, with production plants in the U.S., Europe and China.
Indorama makes polyester resin, filament yarns, fabric and fiber, but does not extrude film.
