Thailand holding company Indorama Ventures has agreed to buy the polyethylene terephthalate (PET) business of Polish SK Eurochem, part of South Korean SK Chemicals. Indorama has signed agreements with Korea's SK Chemicals to acquire the entire issued capital of SK Eurochem Sp. z o.o., in Poland and PT SK Keris together with its subsidiary PT SK Fiber in Indonesia.
The acquisitions will consolidate Indorama Ventures (IVL) position in the two important emerging markets of East Europe and Southeast Asia with PET and Polyester Fibres and Yarns businesses. SK Eurochem is a 140,000 tpa PET manufacturing facility while SK Keris is a 160,000 tpa PET and Polyester Filament Yarn manufacturing facility and SK Fiber Indonesia is a Polyester Filament Yarn manufacturing facility with a capacity of 36,000 tpa.
Mr. Aloke Lohia, Group CEO of Indorama Ventures Pcl, said, "The business and markets of these SK Chemicals' assets are in new and attractive geographic regions that Indorama has been keen to develop. These acquisitions will allow the Company to build upon its objective of expanding its global platform by entering emerging markets with high long-term potential for demand. This will also strengthen our value proposition to our regional and global customers and stakeholders alike, while further reinforcing our ongoing focus on the Polyester value chain."