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Indorama Ventures acquires Sinterama

August 16/2019

MOSCOW (MRC) -- Indorama Ventures Public Company Limited (IVL), a global chemical producer, has announced that it has entered into an agreement to acquire Sinterama S.p.A, a leading Global polyester automotive interiors and high performance colored yarns manufacturer, as per IVL's press release.

The acquisition comprises five production sites in four countries in Italy, Brazil, China and Bulgaria, the last being a new market for IVL. It has a combined capacity of around 30,000 tonnes/ annum. Europe imports over 275 KT of yarns annually and Sinterama can grow and strengthen its position as local supplier. The company currently employs 889 people.

The transaction is expected to be completed in the third quarter 2019, subject to regulatory approvals.

Sinterama holds leading positions in the highly specialized applications in Europe, with an excellent reputation and proven technology. The company is vertically integrated from chips to yarns and offers a vast range of colored polyester yarns for the automotive, furnishing, apparel and technical applications. Since its inception in 1968, Sinterama has offered the most innovative solutions and invested in cutting-edge product research. It has substantial accumulated knowledge developed over a long period of time. This will provide IVL comprehensive and innovative solutions for automotive and home applications to better serve customers and meet customers needs in the future.

This acquisition is a perfect fit for IVL. Sinterama has a strong production base, providing an excellent platform to integrate IVLs existing specialties business. The highly complementary portfolio, customer base and geographical footprint of the two companies will open up new market opportunities and enhance value to our customer by further enabling them to leverage IVLs existing manufacturing capabilities and supply chain.

Mr. Aloke Lohia, Group CEO of Indorama Ventures said: "This acquisition marks an important milestone in our strategic alliance with Sinterama, which has been a partner in Trevira since 2011 and is the industry partner of choice for high-value filament yarns. While we have achieved significant growth in this space over the past years, we believe Sinterama will be the catalyst for us to consolidate and advance our position in this highly demanding and exclusive market.

Sinterama brings along a very experienced team of highly respected professionals who together with IVL management make a formidable combination of managerial excellence.

Bringing Sinteramas experience and network of strategically located facilities into IVL will enable us to provide best-in-class offerings for customers. We are now better positioned than ever to meet the needs and exceed the expectations of customers on a truly global scale."

As MRC wrote earlier, in February 2019, IVL 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. IVL completed the acquisition of the 700,000-t/y PTA facility, located at the Sines industrial complex, in Late 2017. 

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. 19,000 employees worldwide and consolidated revenue of USD 10.7 billion in 2018. The company is listed in the Dow Jones Sustainability Index (DJSI).


mrcplast.com
Author:Margaret Volkova
Tags:polyether, PET-granulate, terephthalic acid, fibers/filaments, car components, Indorama Ventures PLC, Bulgaria, Brazil, Egypt, Italy, China, Portugal.
Category:General News
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