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Indorama Ventures to acquire PET assets in Indonesia

March 07/2012

(4-traders) -- Indorama Ventures PCL (IVL.TH) said Tuesday it has entered into an agreement with PT Polypet Karyapersada to acquire its polyethylene terephthalate, or PET, resin production facilities in Indonesia.

The integrated polyester chain producer said in a filing to the Stock Exchange of Thailand that the facilities have a production capacity of 100,800 tons per year.

Indorama Ventures said the assets it is acquiring are located adjacent to its joint venture, PT Indorama Petrochemicals, and will help in expanding its presence in the Indonesian PET market, without elaborating on the deal value.

The acquisition, which is subject to approval from local authorities, is expected to be completed in this quarter, Indorama Ventures added.

Indorama Ventures is one of the world's largest producers of PET, a product used by bottlers and textile manufacturers.
Author:Anna Larionova
Category:General News
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