Indorama Ventures would like to inform that it has, through its indirect subsidiary Indorama Netherlands B.V., signed a Conditional Share Purchase Agreement on 3rd August 2020, with O.R.V. Ovattificio Resinatura Valpadana S.P.A. and Opoka LTD., to acquire a 100% equity stake of Industrie Maurizio Peruzzo Polowat, a limited liability company incorporated under the laws of Poland.
IMP Polowat consists of two production sites located in Bielsko-Biala and Leczyca, Poland and processes post-consumer PET into Recycled Polyethylene Terephthalate (rPET) flakes and pellets, with a combined capacity of approx. 33,000 tonnes/annum.
This facility will be an attractive recycling platform for IVL in Eastern Europe, and will open up new opportunities to meet the increasing rPET demand for more sustainable packaging solutions. The combination of access to local bottle supply and trusted product quality will secure opportunity for IVL for growth and expansion over time.
The acquisition is consistent with IVL’s ambitious target in scaling its recycling capacity to reach 750,000 tonnes by 2025.
The value of the above acquisition, calculated in accordance with the regulations of the Capital Market Supervisory Board and the Stock Exchange of Thailand, as prescribed by the regulations of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets, 2004 (as amended), is less than 15 percent and the total size of all transactions in the past 6 months also does not exceed the 15 percent threshold limits as prescribed in the regulations.
This transaction is expected to be completed in the third quarter of 2020, subject to regulatory approvals.
Indorama Ventures Public Company Limited, founded by Indian businessman Aloke Lohia, is one of the world's leading producers in the intermediate petrochemicals industry and a global manufacturer of wool yarns. The company is headquartered in Bangkok and started its operations in 1994.
The PET production footprint internationally expanded into North America in 2003, with the acquisition of the StarPet facility, and into Europe in 2006, with the commencement of Orion Global PET facility in Lithuania. As of December 2019, the Company has 119 manufacturing sites in 33 countries crossing six continents and is listed on the Stock Exchange of Thailand (SET).