Indorama Ventures Public Co. Ltd. (IVL; Bangkok, Thailand; www.indorama.net) announced that its wholly owned subsidiary Indorama Netherlands B.V. has signed a share-purchase agreement to acquire a 100% equity stake of Polyplex Resins San. ve Tic. A.S, Turkey (Polyplex Turkey) from Polyplex Europa Polyester Film San. ve Tic. A.S, Turkey, a 100% owned subsidiary of Polyplex (Thailand) Pcl., and Polyplex (Asia) Pte Ltd., Singapore.
Polyplex Turkey owns a newly set-up greenfield PET plant with a planned capacity of 252,000 metric tons per year (m.t./yr) located at Corlu, close to Istanbul, Turkey. Following the acquisition of the 130,000 m.t./yr Artenius Turkpet PET plant (now renamed Indorama Ventures Adana PET) in the second quarter of 2014, IVL will have a combined PET capacity in Turkey of 382,000 m.t./yr. The plants will serve the growing markets of Turkey and Southeast Europe.