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Indorama Ventures to enter China

November 12/2010

(TaiPR.net) -- Indorama Ventures signed a definitive agreement to acquire the assets of Guangdong Shinda UHMWPE Co., Ltd having manufacturing in Kaiping City, Guangdong Province of China. The plant has an installed capacity of 406,000 tons per annum to produce PET polymers and Polyester polymers for fibers and yarns and industrial applications.


Indorama Ventures is currently the worlds second largest producer of PET. The Companys products are used in a wide range of segments. The PET and Fiber business of Indorama Ventures is suitably integrated with about 1.8 million tons of PTA manufacturing in Europe and in Asia.


China is a fast growing country for PET and will soon become the worlds largest consumer and this acquisition will allow us to build upon our expanding global platform, making the company the largest vertically integrated PET producer in the world, said, Aloke Lohia, group chief executive officer of Indorama Ventures. 


The transaction is expected to be finalized sometime in the first quarter of 2011, pending required regulatory approvals as well as certain conditions precedent by the vendor. 
          

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