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Indorama Ventures acquires PET recycling facilities in Poland

August 18/2020

MOSCOW (MRC) -- Indorama Ventures Ltd. (IVL, Bangkok, Thailand) announced that it has, through its indirect subsidiary Indorama Netherlands B.V., signed a Conditional Share Purchase Agreement with O.R.V. Ovattificio Resinatura Valpadana S.P.A. and OPOKA LTD., to acquire a 100% equity stake of Industrie Maurizio Peruzzo Polowat spolka z ograniczona odpowiedzialnoscia (IMP Polowat), a limited-liability company incorporated under the laws of Poland, according to Chemical Engineering

This transaction is expected to be completed in the third quarter of 2020, subject to regulatory approvals.

IMP Polowat consists of two production sites located in Bielsko-Biala and Leczyca, Poland, and processes post-consumer polyethylene terephthalate

Polyethylene terephthalate (PET) into recycled polyethylene terephthalate (rPET) flakes and pellets, with a combined capacity of approx. 27,000 metric tons per year (m.t./yr), consisting of 23,000 m.t./yr rPET flakes and 4,000 m.t./yr of rPET pellets. This facility will be an attractive recycling platform for IVL in Eastern Europe, and will open up new opportunities to meet the increasing rPET demand for more sustainable packaging solutions.

The combination of access to local bottle supply and trusted product quality will secure opportunity for IVL for growth and expansion over time. The acquisition is consistent with IVLs ambitious target in scaling its recycling capacity to reach 750,000 m.t./yr by 2025.

In June, Indorama acquired a PET recycling facility in Brazil, adding to its previous acquisition of Brazils largest PET manufacturing facility from  M&G Polimeros in 2018. In 2019, IVL acquired plastics recycling assets in the U.S. (in California and Alabama), and in 2018 acquired a plastics recycling business in France, as well as PET manufacturing assets in Germany and Egypt.

As MRC informed before, Indorama Ventures expects repairs to its 440,000 mt/year Louisiana cracker could take several months. Lightning struck the cracker Aug. 2, prompting its shutdown. Indorama initially started up the revamped cracker in May 2019, but shut it down several months later for repairs and technical improvements after repeated flaring. The company restarted it in December, and it reached commercial production in February.

According to MRC's ScanPlast report, Russia's estimated PET consumption totalled 367,720 tonnes in the first six months of 2020, up by 19% year on year. Russian companies processed 62,910 tonnes of PET in June.

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. 24,000 employees worldwide and consolidated revenue of USD 11.4 billion in 2019.
Author:Margaret Volkova
Tags:PET-granulate, recikling, packaging, Indorama Ventures PLC, Poland, Russia, USA.
Category:General News
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