Indorama Closes Deal for Invista Gersthofen
As it continues its march across the planet buying up business, Thailand’s Indorama Ventures has completed its acquisition of PET producer Invista Resins & Fibers based at Gersthofen, Germany, a subsidiary of the global nylon giant. Plans for the takeover – financial terms were not disclosed – were announced in December 2018.
The Bavarian site, part of erstwhile German chemical group Hoechst, employs some 140 people and has capacity for 282,000 t/y of product, including DMT, polyester fiber and PET packaging resins.
IVL said the acquisition is aligned with its strategy to grow and support customers with differentiated solutions in both packaging and industrial fibers. With the deal, the polyester market leader will gain access to intellectual property and marketing rights for the Invista-owned PET barrier material technology and the Polyshield and Oxyclear brands.
PET oxygen barrier packaging is used mainly by the food and beverage industry to extend the shelf life of juice, wine, beer, dairy or ketchup. By its own account, the Thai group has a leading market share in the North America oxygen barrier PET market, in which it gained a foothold in 2011 with the acquisition of Auriga Polymers in the US state if South Carolina.
As part of the South Carolina transaction, Indorama acquired the rights to the technology for producing Crystal Clear Oxygen Barrier Resin in certain markets in the Americas. The German deal gives it added momentum to address growing demand, the group said.
“This exciting step forward will lead us to further accelerate our transformation,” said group CEO Aloke Lohia, adding that IVL is “ready to seize global opportunities.”