The deal, which the company first announced in March 2012, provides IVL 100,800 tonnes of PET (Polyethylene Terephthalate) capacity adjacent to the PTA assets of PT Indorama Petrochemicals (formerly known as PT Polyprima Karyesreska) at Cilegon, West Java, which IVL acquired under a joint venture in 2011.
Mr. Aloke Lohia, Group CEO of Indorama Ventures, said, "Indorama Ventures has pursued an integration strategy of our PET and PTA businesses in Thailand, Italy (under a joint venture) and The Netherlands and earlier announced upstream integration into MEG (Monoethylene Glycol) in North America. The acquisition of PT Polypet Karyapersada creates synergies due to it being co-sited with our PTA plant PT Indorama Petrochemicals in Indonesia, making it a strategic investment in the most populous country in ASEAN.
"We are very pleased to be participating in the strong growth of Indonesia. The country is a very attractive market for long term investment and the Polypet deal will allow us to keep pace with and serve the growth of our major customers in the country," Lohia said.
Indorama Ventures Public Company Limited (IVL)
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