Commenting on the acquisition, Aloke Lohia, Group CEO of IVL said, “This acquisition is a major coup for the company as it brings us competitive feedstock security with scale advantages, technology ownership and innovative products which our customers can rely upon.”
“As we build our scale in North America, we will continue to strive to be the supplier of choice for our customers and drive our growth trajectory as a world class chemical company,” he added.
The assets are situated adjacent to IVL's Alphapet PET plant, and has been its main supplier of PTA since the factory started.
This acquisition coincides with USITC affirmative vote to apply anti subsidy and anti-dumping duties on PET resin imports from China, Canada, India and Oman.
The acquisition is the first of IVL in 2016, and is expected to be followed in second quarter by the imminent acquisition of the PET, PTA and IPA complex of Cepsa in Spain. (MCJ)
Fibre2fashion News Desk - India
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