Press Release
IVL JV Acquires Italian PET and PTA Facilities To serve Southern Europe and North Africa
Bangkok 1 July 2010 - Indorama Ventures Public Company Limited ("IVL") has acquired the Italian PET and PTA producer OttanaPolimeri S.R.L. from Equipolymers Europe, a joint venture between Dow Chemical Company and Petroleum Industries Company of Kuwait. The deal provides IVL access to the Mediterranean region, including markets in Southern Europe and North Africa. The acquisition was made through a 50:50 joint venture between IVL's European subsidiary IVL Belgium N.V. and PCH Holding S.R.L. ("PCH") of Italy.
The 192,000 tonnes per annum PTA plant and the 150,000 tonnes per annum PET plant is situated on the island of Sardinia, Italy, offering the company the strategic ability to serve Southern Europe with the shortest transportation route possible. IVL also has plants in the Netherlands, the UK and Lithuania that will serve PET customers in Northern and Eastern Europe.
Group CEO of Indorama Ventures Public Company Limited, Mr. Aloke Lohia, said, "This is a very timely acquisition for us and our partner as Europe currently is a net importer of PET and so demand is strong. We have an opportunity with this acquisition to further serve our European customers with fast and timely delivery of PET resin while also expanding our market."
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About PCH Holdings
PCH Holding S.R.L. (PCH) is a leading independent private utility company in Italy and has a wholly owned subsidiary that produces electricity (140 MW), steam and other utilities like compressed air, nitrogen and de-mineralized water in Ottana, Italy.