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IVL buys BP Amoco's PX, PTA & NDC assets at Albama
01
Apr '16
Indorama Ventures Public Company Limited (IVL), a Thailand based, global producer of petrochemicals, has completed the acquisition of the Paraxylene (PX), Purified Terephthalic Acid (PTA) and Naphthalene Dicarboxylate (NDC) assets of the BP Amoco Chemical Company located at Decatur, Alabama in USA as a part of its expansion drive in North America, according to a press statement released by the company.

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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