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Indorama Ventures acquires DuPont Teijin Films

October 11/2017

MOSCOW (MRC) -- Indorama Ventures Public Company Limited (IVL), a global chemical producer, has announced that it has entered into an agreement to acquire DuPont Teijin Films (DTF), a leading global producer of Biaxially-oriented Polyethylene Terephthalate (BOPET) and Polyethylene Naphthalate (PEN) films with total film/polymer capacity of 277,000 tonnes per annum, as per the company's press release.

The DTF acquisition includes 8 production assets in the US, Europe and China, with a global innovation center in the UK. The transaction is expected to be completed during late 2017 or early 2018, subject to the usual regulatory approvals.

DuPont Teijin Films (DTF), a joint venture between DuPont and Teijin Limited, is the worlds premier producer of BOPET and PEN polyester high value-added film with unique functionalities. The group specializes in film products for the specialty, industrial, packaging, automotive, advanced magnetic media, photo systems, electrical and electronics markets and many more products that are essential in modern life. DTF is recognized for their market leadership and product innovation, and is constantly inventing and developing new uses for their products.
 
Included in the transaction are manufacturing and R&D operations associated with four joint ventures in the United States, United Kingdom, Luxembourg, and Hong Kong (DTFC), which includes two JVs in China (51%), as well as sales and technical capabilities, intellectual property, licenses and the Melinex and Mylar registered brands.

The global BOPET film industry has expanded rapidly and there are increasing applications and end-uses. The global consumption of BOPET is expected to increase at an average rate of about 7% CAGR per annum making the acquisition attractive. Critical success factors are customer intimacy, product innovation and R&D capabilities, which align well with DTFs core competencies. Through the acquisition, IVL will further enhance PET integration and value-enhancement through captive NDC, a specialty chemical used in high performance polymers and films. IVL is the worlds only commercial manufacturer of NDC.

Commenting on the acquisition, Mr. Aloke Lohia, Group CEO of Indorama Ventures, said, "This acquisition marks a new chapter for IVL. It is the next step in creating a leading position for customer solutions in films. DTF provides prudent growth in an industry related to our core businesses and is a strong foundation for future growth. DTF has a strong history of R&D with over 700 patents, which makes it a strategic fit with our own innovation capabilities."

"We believe in diversity as a core value of the Company and we look forward to welcoming DTFs strong management team and talented employees into our family."

Allen & Overy and Lowenstein Sandler LLP are serving as legal advisors to Indorama Ventures.  Goldman Sachs & Co. LLC is serving as joint financial advisor to DuPont and Teijin.  Eckert Seamans Cherin & Mellott LLC is serving as legal advisor to DuPont.  Terralink Advisors Inc. is serving as financial advisor, and Morrison & Foerster LLP is serving as legal advisor to Teijin. 

As MRC informed before, in April 2017, IVL announced that it was in initial talks with The Chatterjee Group (TCG) to buy a stake in Haldia Petrochemicals Ltd (HPL). TCG, promoted by non-resident Indian businessman Purnendu Chatterjee, owns close to 48% in Haldia Petrochemicals. Tata has around 2.3% stake, Indian Oil around 7% and lenders around 6% stake in Haldia Petrochemicals.

DowDuPont Specialty Products, a division of DowDuPont, is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, building and construction, health and wellness, food and worker safety. DowDuPont intends to separate the Specialty Products division into an independent, publicly traded company.

Teijin is a technology-driven global group offering advanced solutions in the areas of environmental value; safety, security and disaster mitigation; and demographic change and increased health consciousness. Its main fields of operation are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT. The group has some 170 companies and around 19,000 employees spread out over 20 countries worldwide. It posted consolidated sales of JPY 741.3 billion (USD 6.5 billion) and total assets of JPY 964.1 billion (USD 8.5 billion) in the fiscal year ending March 31, 2017.
 
Indorama Ventures Public Company Limited, a DJSI member, listed in Thailand, is one of the worlds leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and North America. The companys portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA where economical. IVL products serve major FMCG and Automotive sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. IVL has approx. 15,000 employees worldwide and consolidated revenue of USD 7.2 billion in 2016. IVL is headquartered in Bangkok, Thailand with global operating sites in EMEA: The Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland, Czech Republic, Luxembourg, Spain, Turkey, Nigeria, Ghana, North America: USA, Mexico, Canada: Asia: Thailand, Indonesia, China, India, the Philippines, Myanmar.


mrcplast.com
Author:Margaret Volkova
Tags:film extrusion, BOPET films, BOPP films, packaging, film, Teijin, Dow, DuPont, Haldia Petrochemicals, Indorama Ventures PLC, India, China.
Category:General News
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