PET giant Indorama buys French Recycler
PET market leader Indorama Ventures is acquiring French recycler Sorepla for an undisclosed sum. The company with 58 employees is one of the largest recyclers in Europe, operating three production lines, for rPET, rHDPE and food-grade pellets, with a combined capacity of 52,000 t/y.
Indorama said the buy is “strategically in line” with its objectives of long-term sustainability and will solidify its position as one of the leading European recyclers as well as opening new opportunities to supply the increasing demand for food grade rPET and enhancing its capability to drive closed loop solutions.
The Thai group already has a significant recycling presence in France, gained with the 2011 acquisition of Wellman France in Verdun. It also operates processing plants in Ireland and the Netherlands. With now three facilities, it said it expects to derive benefits from synergies of management and supply chain.
In July, the acquisitive PET giant agreed to purchase 74% of the share capital of Giza, Egypt-based Medco Plast for Packing and Packaging Systems, a subsidiary of Middle East Glass. Medco Plast is the largest PET preforms producer in Egypt with a capacity of around 70,000 t/y. Following regulatory approvals, the deal is expected to be completed during the third quarter.
A month earlier, Indorama entered a joint venture with India’s Dhunseri Petrochem in West Bengal to own and operate a 540,000 t/y PET plant belonging to Egyptian Indian Polyester Company (EIPET).