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IVL to buy Nigerian packaging business

February 11/2019

MOSCOW (MRC) -- Indorama Ventures (IVL), through its indirect subsidiary, Indorama Netherlands, has signed a definitive share purchase agreement with Church Street Trustees as trustees of the SI Trust, BTI Overseas Ltd. and Capital Alliance Private Equity II to acquire Bevpak (Nigeria) Ltd, as per Apic-online.

Bevpak, located in Ibadan, Nigeria, is "one of the largest" manufacturers of polyethylene terephthalate preforms in West Africa, IVL noted.  It has a production capacity of 18,000 t/y.

The transaction, for which a value was not given, is expected to be completed within the first quarter of 2019, subject to regulatory approvals.

As MRC informed before, Indorama Ventures (IVL) has commenced production of purified terephthalic acid (PTA) and polyethylene terephthalate (PET) at plants it acquired from Artlant PTA in Portugal and EIPET in Egypt, respectively.

Indorama Ventures Public Company Limited, listed in Thailand, is one of the world's leading petrochemicals producers, a global manufacturing footprint with 59 sites in 20 countries across Africa, Asia, Europe and North America. The company's portfolio is comprises necessities and high value-added (HVA) categories of polymers, fibers, and packaging. Indorama Ventures has approx. 15,000 employees worldwide and consolidated revenue of USD 8.4 billion in 2017. The company is listed in the Dow Jones Sustainability Index (DJSI).
Author:Margaret Volkova
Tags:PET-granulate, terephthalic acid, packaging, EIPET, Indorama Ventures PLC, Egypt, Nigeria, Portugal.
Category:General News
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