Spanish Court Approves Sale of Artenius Turkpet to Indorama

21.02.2014 -

The commercial court in Barcelona, Spain, overseeing the bankruptcy of erstwhile Spanish PET giant La Seda de Barcelona has authorised receiver Forest Partners to proceed with the sale of the company's Turkish subsidiary Artenius TurkPET to the current global market leader, Indorama Ventures of Thailand.

Indorama is believed to have been the only bidder for the Turkish company, which owns a 130,000 t/y production plant for PET polymer at Adana. The deal is one of the last to take place since the asset liquidation began in autumn of last year.

It also recently became known that the Thai conglomerate has acquired PHP Fibers, a leading producer of polyamide resins and PA 66 industrial yarns producer of Wuppertal, Germany. The business was once part of the Akzo empire.

Indorama will operate this business as part of an 80:20 joint venture with Japanese film, polymer and industrial materials producer Toyobo. The jv is expected to be the largest global producer of PA 66 yarns used in automobile airbags.