Indorama Ventures Public Company Limited (IVL), headquartered in Bangkok, Thailand, a global chemical producer has taken over INVISTA Resins & Fibers GmbH, which owns a high value-added PET manufacturing facility located in Gersthofen, Germany. The Gersthofen site has an installed capacity of 282,000 tonnes/ annum. The takeover transaction is expected to be completed in the 1st quarter of 2019, subject to regulatory approvals.
Invista Gersthofen and IVL follow a common strategy to grow and support customer’s needs with differentiated solutions in both packaging and in industrial fibers. IVL will own the intellectual property rights of POLYSHIELD PET and OXYCLEAR Barrier PET, Invista’s barrier technology, in all markets globally. POLYSHIELD PET and OXYCLEAR Barrier PET brands are associated with oxygen barrier packaging i.e. Ketchup. Gersthofen and IVL’s HVA polymer business in America’s will provide many new opportunities in a number of new markets and attractive segments.
Aloke Lohia, Group CEO of Indorama Ventures, said, “This is 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”. He, added, “We are already capitalizing on the opportunities in the U.S. market, one of the largest barrier resins markets in the world – through our existing OXYCLEAR Barrier PET license in America’s. 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.”
Demand for barrier resins is expected to increase at a fast rate and will offer an improved shelf life of packaged food products.