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Indorama Polyester (Thailand) acquires Tuntex – the inside story

22
Dec '08
Indorama Ventures Company of Thailand has acquired 97 percent equity stake in Tuntex (Thailand) Public Company Limited. The Company paid Baht250 million (US $7.14 million) last week for an additional 31 percent stake.

Two production lines of polyester fibres and yarns have come under Indorama acquisition. With this, Indorama will become Thailand's largest polyester manufacturer, up from fourth place currently.

Indorama Ventures Company curtailed one of the production line of Tuntex Thailand's to produce polyethylene terephthalate (PET) slices and the other line will continue to make polyester fibers and yarns. The conversion to PET resins of one line is expected to complete in Q3, 2009.

While speaking exclusively to Fibre2fashion.com, official sources from Indorama Ventures provided few details and said, “This was a strategic move and it would help the Indorama to improve the customer satisfaction and would also help in optimum utilization of capacity and production facility of the same group.”

“Tuntex's production would rise to 400,000 ton a year once the expansion is complete. This was necessary as Indorama exports 40 percent of its total output to Brazil, Russia, India and China in form of Polyester chip. The polyester export ratio would be raised to 70-80 percent after Tuntex is ready to resume operations,” informed the source.

He further revealed, “The PET capacity is expected to start commercially from July 2009. Currently the conversion and curtail in production line is limited to this unit only. After completion of this project it is anticipated to produce more 100,000 mt per year of PET chips. Above all company official do not reveal the cost behind this entire production line curtailment. The entire process will be completed with retention of current work force.”

In year 2009 production capacity of Indorama polyester will cross the 1.21 million ton per year as the Company is planning to install a new polyester plant in U.S.A which is expected to start successfully in second half of next year. Construction work for this new PET plant is 73 percent complete. It will have two lines; the first line will begin operations in April 2009 and the second line is expected to start some where in June 2009.

Fibre2fashion News Desk - India


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