Home / Knowledge / News / Textiles / IVL closes China deal, to expand capacity at Guangdong plant
IVL closes China deal, to expand capacity at Guangdong plant
07
Feb '11
Indorama Ventures signed the final agreement handing over the ownership the assets of Guangdong Shinda UHMWPE Co. Ltd., to be renamed Guangdong IVL PET Polymers Company Limited. The plant, located in Kaiping City, Guangdong Province, China has an installed capacity of 406,000 tons per annum to produce PET polymers and Polyester polymers for fibres and yarns and industrial applications. The definitive agreement to acquire the assets was signed on 11 November 2010 in Bangkok.

The final signing ceremony was a grand occasion with approximately 200 executives from lenders, customers and suppliers, the local Thai consulate, local and IVL management. The company is the 16th site of IVL. The company plans to expand the plant in future as demand grows to around 500,000 tonnes per annum.

Mr. Aloke Lohia, Group CEO of Indorama Ventures expressed satisfaction with closing a deal that will take the company into one of the world's fastest-growing markets for PET (polyethylene terephthalate).

"Guangdong IVL is one of the transactions we signed agreements for in the second half of 2010. Closing the deal today means we have fulfilled part of the company's Aspiration 2014 business plan that aims to build the company's total production capacity to 10 million tonnes per annum within 2014.

"I look forward to closing other deals in the US, Mexico, Indonesia and Poland over the next few weeks and ensuring that the business stays on track to maintain its growth momentum," said Mr. Lohia.

"China is the world's largest consumer market and demand for PET and Polyester fibres and yarns is growing at unprecedented levels. Such value accretive investments are the hallmark of our company and we intend for it to be a showcase of our ability to enter competitive markets and create value," he added.

Indorama Ventures Public Company Limited, listed in Thailand (is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America.

Indorama Ventures


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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...

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:
July 2017

July 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