M&As in Indonesia: Asia Pacific Fibers buys Advansa; Jebsen & Jessen Packaging buys stake in Indo Tirta Abadi

M&As in Indonesia: Asia Pacific Fibers buys Advansa; Jebsen & Jessen Packaging buys stake in Indo Tirta Abadi

European polyester fibre producer, based in Germany, Advansa Group has been bought by Indonesia’s PT Asia Pacific Fibers (APF), an integrated global polyester player. The deal has been undertaken through APF’s investment holding company Sverige Netherlands B.V. Terms were not disclosed.

APF, headquartered in Indonesia, manufactures and markets polyester chips, staple fibres, filament yarns and fleece fabrics along with captive PTA [purified terephthalic acid]. Sverige expects that its investment in Advansa will lead to close cooperation between Advansa and APF, permitting each company to realise the synergies, resulting in a larger polyester group with global reach, having plants in both Europe and Asia and with the possibility to offer a wider portfolio of products to customers.

All the Advansa technology and trademarks will remain with the group, including the rights to former DuPont polyester technology and brands in Europe. Approximately 165 employees will continue with Advansa, along with all relevant intellectual property, equipment, technology and brands. The closing of the transaction is in preparation and is expected in about one month after completion of usual conditions.

Peter Merkle, CEO Staple/Polymers from APF added: "Advansa is a good fit with APF, this cooperation enables manufacture and supply to the fibrefill and paper industries; the two largest markets of Advansa."

Dr. Heinz Meierkord, who continues as CEO of Advansa also said the sale to Sverige Netherlands will allow polyester manufacturing to carry on at its plant in Hamm, Germany.

Prior to 2000, the Advansa polyester business in Europe was part of DuPont and subsequently a joint venture of DuPont and Sabanci Holding until 2005. Between 2005 and 2011, the business was part of Sabanci Holding (Turkey) and subsequently sold to a management and investor group in an MBO in 2011. 

APF was formerly known as Polysindo prior to its acquisition by the current shareholders and its major shareholders are two globally active investment funds.

In other news, Singapore’s Jebsen & Jessen Packaginhas acquired a 60% stake in an Indonesian beverage packaging manufacturer PT Indo Tirta Abadi (ITA). The transaction is expected to close in early March subject to completion of conditions precedent. Financial terms were not disclosed.

Starting operations in 2003 with a single production machine, ITA grew strongly over the years to become Indonesia's leading manufacturer, supplying many of the top global and local beverage manufacturers such as Danone (Aqua), Coca-Cola, Sosro, Nestle and Yeo's. The company runs two ISO9001 and ISO22000 (Food Safety Management System) certified production plants and has a main facility in Tangerang and a smaller one in Gempol, on the outskirts of Surabaya. Employing 500 people, ITA's turnover in 2019 was S$42 million. Its product portfolio consists of PET bottles, PET preforms and HDPE closures. It produces 2.5 billion closures/year, 320 million preforms/month, and 1,800 bottles/minute.

ITA was founded by Herman Ali and is supported by an experienced management team. Reflecting on the start of the new partnership with Jebsen & Jessen, Herman Ali said “We are very excited to embark on this new partnership with Jebsen & Jessen, a company with a history of continued success built on strong core values. With a shared vision and mission, we believe this partnership will take ITA to the next level and continue to lead innovations in the industry.”

Chui Tau Siong will, in addition to his current responsibilities as Jebsen & Jessen Packaging Regional Managing Director, be taking on the role of President Director in ITA once the transaction has been completed. Chui commented, "With the investment into ITA, our Packaging Regional Business Unit (RBU) will grow its business by 50%. And expand our platform beyond Singapore, Malaysia and Vietnam to now also include ASEAN's largest economy, Indonesia.”


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