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Indorama Ventures buys PET recycling business in France

01
Aug '18
Courtesy: mali maeder from Pexels
Courtesy: mali maeder from Pexels
Indorama Ventures Public Company Ltd (IVL) has through its indirect subsidiary Wellman International Ltd signed a definitive share purchase agreement with Aeromaritime Systems Group BV for the acquisition of 100 per cent of the share capital of Sorepla Technologie SA and its subsidiary Société de Recyclage de Matières Plastiques SA (Sorepla) in France.

Sorepla is one of the largest plastics recyclers in Europe with a capacity of 52,000 mt per annum. “The acquisition fits into IVL’s long term business as well as our sustainability objectives and signifies our position as a leading recycler in Europe supporting the circular economy. This acquisition expands the opportunity to cater to the increase in demand for recycled PET,” IVL said in a statement to the Stock Exchange of Thailand.

The value of the acquisition, calculated in accordance with the regulations of the Capital Market Supervisory Board and the Stock Exchange of Thailand, as prescribed by the regulations of the Stock Exchange of Thailand, is less than 15 per cent and the total size of all transactions in the past 6 months also does not exceed the 15 per cent threshold limits as prescribed in the regulations, the statement said.

The transaction has closed with effect from July 30, 2018. (RKS)

Fibre2Fashion News Desk – India


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