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Indorama Ventures closes deal for CEPSA Chimie PTA unit
02
Jun '15
Thailand based Indorama Ventures Public Company Limited (IVL) said it has completed the deal to acquire the PTA business of CEPSA Chimie Montréal s.e.c in Montreal, Canada.

Earlier on March 23, 2105, IVL had announced its intention to acquire 100 per cent shareholding in the PTA business of CEPSA Chimie from Cepsa Química SA.

Cepsa Química SA is a wholly-owned affiliate of Cepsa, and IQ Chimie Inc., a subsidiary of Investissement Québec.

“The 600,000 ton per annum PTA plant will provide Indorama Ventures with feedstock security to better serve its customers and an enhanced leadership position in North America,” IVL said in a press release.

“I heartily welcome our new colleagues at the Montreal PTA facility who complement our more than 14,000 employees worldwide,” Aloke Lohia, Group CEO of IVL said.

“With the integration of the Canadian PTA facility, we now have all our global businesses present in North America,” he added.

“I believe this unique position is a win-win since we can now serve our customers more reliably and simultaneously to create accretive returns for our shareholders,” Lohia noted.

Vertical integration into feedstocks has always been an important part of IVL’s global business strategy and now it has finally completed the loop in its North American value chain.

The PTA business in North America is robust and the timing of this acquisition comes with firmer margins and potentially firmer operating rates pending results of anti-dumping investigations on imported PET into USA.

North America is a large and attractive market where the IVL business has expanded considerably over the years since its first entry in 2003.

With multiple production assets in USA, Mexico and Canada, the company has become a leading player across PET, fibres and high value added products serving the safety and hygiene segments in North America.

Cepsa is an energy group fully owned by the International Petroleum Investment Company (IPIC) and employs more than 10,000 people and operates at every stage of the hydrocarbon value chain.

It is engaged in petroleum and natural gas prospecting and production activities, refining, transport and sale of crude oil and natural gas derivatives, biofuels, co-generation and electricity sales.

Cepsa has developed a world-class chemicals division that is tightly integrated with its oil refining segment, where feedstock is manufactured and sold for the production of components with high value-addition.

It has a prominent position in Spain and, through the continuing international expansion of its business; it also operates in 15 countries, marketing its products all over the world. (AR)

Fibre2fashion News Desk - India

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