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Indorama Ventures to buy Indonesian PT SK Keris

February 15/2012

(ivl) -- Indorama Ventures (IVL), the world's leading integrated polyester-chain manufacturer, expects its recent acquisition of PT SK Keris and PT KS Fibre will double the Indonesian contribution to its revenue to 10 per cent.

IVL's revenue this year is projected to reach USD8 billion (Bt246.88 billion). "Indonesia is the next China and India. Besides Thailand, our focus in Southeast Asia is Indonesia, and we expect to invest more in the country," group chief executive officer Aloke Lohia said recently.

He said IVL expects to generate revenue of USD8 billion this year, of which 10 per cent will be contributed from Indonesia, up from 5 per cent last year. The doubled contribution is attributed to last year's acquisition of PT SK Keris and PT KS Fibre, which manufacture yarn, polyester and polyethylene terephthalate (PET).

IVL acquired both companies from SK Syntec, a subsidiary of South Korea-based SK Chemicals. PT SK Keris has been renamed PT Indorama Ventures Indonesia, while SK Syntec has become PT Indorama Polyester Industries. The former has production capacity of PET, polyester and yarn of 160,000 tonnes per annum, and the latter has fibre and polyester capacity of 36,000 tonnes per year.

Lohia said PT Indorama Ventures Indonesia is increasing its capacity to produce polyester by 300,000 tonnes per annum at an investment cost of USD200 million.
Indonesia is one of the biggest markets for textiles. In 2012, the country expects to export textiles worth USD13 billion. The Indonesia Textile Association forecasts that demand in the domestic market will grow rapidly to account for 50 per cent of output this year from 40 per cent in 2011.

Author:Anna Larionova
Tags:polyether, PET.
Category:General News
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