Indorama Ventures is expanding its plastic manufacturing and recycling capabilities with the purchase of new facilities in the US and Germany.
Bangkok headquartered Indorama has purchased Invista Resins & Fibers’ PET production plant in Gersthofen, Germany, and a PET recycling plant from Custom Polymers PET in Alabama of the US in separate agreements.
The Gersthofen plant has a production capacity of 282000 tonnes a year and has a staff strength of 140. According to the deal signed, Indorama will own the intellectual property rights of Polyshield PET and Oxyclear Barrier PET, Invista’s barrier technology, in all markets worldwide.
According to Indorama Ventures (IVL) CEO Aloke Lohia, “this is a very exciting development for IVL. With our strong foundation in the PET market and IVL’s geographic reach, we see vast opportunities to grow the Polyshield PET and Oxyclear Barrier PET brands to their full potential, and reach existing and new customers around the world.”
“We are already capitalising on the opportunities in the US market, one of the largest barrier resins markets in the world.”
CEO added that “this strategic acquisition will evolve IVL to the next level of success by taking advantage of opportunities in global markets. With this acquisition, we reinforce our commitment to deliver the highest value to our customers and create sustainable long-term value for our shareholders.”
The newly purchased Custom Polymers PET facility in the US consists of two manufacturing lines- recycled polyethylene terephthalate (rPET) flake and food-grade rPET pellets with a combined production capacity of 31K tonnes a year.
Indorama added that the new purchase will permit it to open up new possibilities to meet rising food-grade rPET demand for more sustainable packaging solutions.