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Indorama Ventures to buy Wellman International's recycling business in Europe

September 21/2011

(Reuters) - Thailand's Indorama Ventures Pcl said on Wednesday it had agreed to buy Wellman International's recycling business in Europe from Aurelius AG as part of an expansion drive to meet demand for the recycling of consumer products.

Indorama, the coutry's biggest producer of chemicals for plastic bottles and polyester, is the latest big Thai firm to announce an overseas acquisition, helped by a rise in the baht in recent years.

The acquisition, which includes Wellman's MJR Recycling BV, is expected to be completed this year and will provide both access to recycling technology and potential technology transfer to its Asian assets, it said in a statement. It gave no details about the value of the deal.

Wellman is Europe's largest recycler of PET (polyethylene terephthalate) bottles and a maker of polyester staple fibre and recycled PET products. It has three production facilities in Europe with output of over 153 KTa.

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