Home / Knowledge / News / Textiles / Indorama to acquire Eastman European PET, PTA assets
Indorama to acquire Eastman European PET, PTA assets
01
Apr '08
Indorama Thailand confirmed completion of its previously announced agreement to acquire Eastman's PTA and PET assets in Netherlands and The United Kingdom by its subsidiaries, Indorama Holdings ltd And Indorama Polymers PCL respectively.

Group CEO Aloke Lohia thanked his team for the relentless effort put in by them to achieve closing within the defined timeframe and believes that the groups strategic direction will be beneficial for all its stakeholders.

The last 3 years saw the group revenue tripling to USD 1.7 billion in 2007 compared to around USD 500 million in 2004.

“Going forward, we have a clear strategy for creating significant shareholder value,” Lohia said, “we are leveraging the greatest strengths we have as an industrial house, the attractive growth prospects of our business and the capabilities of our people to innovate and execute.

We expect to build on our strong earnings by focusing on two additional areas - PTA and Polyester fibers - in addition to the ongoing PET growth.”

Indorama Thailand has also signed a memorandum of understanding with Thailand's SET listed firm - Tuntex Thailand PCL to acquire their business consisting of Polyester fibers and filaments.

“This makes a strategic fit with our existing Thailand based polyester business - Indopoly ltd. The revenue from this segment is thus set to rise from USD 131 million in 2007 to USD 600 million in 2010 post a total restructuring exercise.”

Lohia explained, “we believe we will emerge as Thailand's premier Polyester company in Fibers as well, as we have in PET, and we expect our total polymer production to rise close to 2 million tonnes from 700,000 tonnes in 2007.”


Must ReadView All

Apparel/Garments | On 24th Jun 2017

JD enters into strategic partnership with Farfetch

E-commerce giant, JD, China's largest retailer, and Farfetch, the...

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search