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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.”


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