Indorama Ventures acquires PET recycling facility in Brazil
FILE PHOTO: At the Indorama Ventures factory, flattened plastic bottles that have been steam cleaned are sorted by factory employees as they move along on a conveyer belt for processing (Photo: Paula Bronstein/Getty Images).
INDORAMA VENTURES LIMITED (IVL) has acquired PET recycling company AG Resinas through its indirect subsidiary Indorama Ventures Polimeros S.A. The transaction was completed on Monday (8).
Situated in in Juiz de Fora, AG Resinas processes post-consumer PET into Recycled Polyethylene Terephthalate (rPET) flakes and pellets with a combined capacity of around 9,000 tonnes per year. The facility is close proximity to a large supply of recovered PET bottles, bringing benefits through logistics advantage.
According to Indorama Ventures, the acquisition is strategically in-line with the company’s long-term sustainability objectives and will
complement its PET business in Brazil.
“The deal would provide a unique opportunity to create an immediate
recycling presence with further expansion opportunity,” a company statement said.
Indorama Ventures is listed in Thailand and Sri Prakash Lohia, founder and chairman of the Indorama Corporation owns about one-third of the company.
Billionaire Sri Prakash Lohia ranked third in the Eastern Eye Asian Rich List last year with an estimated value of £5.8bn.
From its inception in 1975, Indorama Ventures has developed numerous business segments, subsequently, becoming the largest producer of polyester products and polyester feedstocks. It has also since established its global leadership in PET plastic manufacturing and recycling.
IVL is a leading global chemical company with headquarters in Thailand and has manufacturing operations in 33 countries on six continents.
Indorama Ventures has around 24,000 employees worldwide with consolidated revenue of $11.4 billion in 2019. It is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).