IVL announces another acquisition in Indonesia

 
 In its statement, IVL said that the assets include a plant which can produce up to 100,800 metric tonnes per annum of PET (Polyethylene Terephthalate). The plant is situated adjacent to the PTA assets of PT Indorama Petrochemicals (formerly known as PT Polyprima Karyesreska) at Cilegon, West Java. PT Indorama was acquired by IVL in 2011.
 Approximately half of Polypet's output today is for domestic consumption.
 In the statement, IVL did not specify the value for the transaction.
 “This acquisition will further assist us to consolidate our position in the Indonesian market, while the co-location with Polyprima fits in with our integration strategy. The synergies created by integrating the two plants will lower costs through shared services and logistic cost saving and will be accretive to the bottom line," said Aloke Lohia, Group CEO of Indorama Ventures.
 “Indonesia is a fast-growing market for our customers with an attractive potential for future growth. Low energy and other costs make this a very attractive place for long term investment,” he added.