Thailand-headquartered integrated PET supplier Indorama Ventures Public Company (IVL) is acquiring a 100% equity stake of Polyplex Resins in Turkey from Polyplex Europa Polyester Film, a 100% owned subsidiary of Polyplex Thailand and Polyplex Asia in Singapore. The acquisition will be made through IVL’s 100% owned subsidiary Indorama Netherlands.

Polyplex Turkey owns a newly set-up greenfield PET plant with a planned capacity of 252,000 tonnes/year located at Corlu, close to Istanbul, Turkey.

IVL also acquired another company in Turkey in the second quarter of last year: the 130,000 tonne/year-PET plant of Artenius Turkpet (now renamed Indorama Ventures Adana PET). Together, the two plants give IVL a combined PET capacity in Turkey of 382,000 tonnes/year. The plants will serve the growing markets of Turkey and South East Europe.

IVL says under its European strategy, the acquisition will help to strengthen its leadership in Greater Europe while broadening access not only to traditional North European markets but the emerging markets of South East Europe.

The transaction is expected to be completed in the first quarter of 2015.

The Turkish market has been of interest to IVL and it has over a period of two months last year bought not only Artenius but also a 51% stake in another Turkish PET producer SASA Polyester Sanayi SASA. http://www.plasticsandrubberasia.com/june2014/materials1.html

IVL’s Group CEO Aloke Lohia has pointed to geographic diversity and its need to grow with its global brand clients in the region as reasons for its acquisitions.