IVL to move its factory out of Jewish settlement in West Bank
Indorama Ventures (IVL), one of the world's leading producers in the intermediate petrochemicals industry and a global manufacturer of wool yarns, plans to move one its factories after the UN listed the company among those doing business in illegal Jewish settlements in the West Bank area.
Secretary of the the Bangkok-headquartered IVL, Souvik Roy Chowdhury, told the Stock Exchange of Thailand (SET) that Avgol Industries 1953 (Avgol), a subsidiary of IVL located in Israel, moved a resolution in December last year to move its factory in Barkan (West Bank) to another one in Israel. The move is expected to be completed within this year.
The SET revealed that IVL’s stock price on Friday (February 14) fell sharply to Bt28.50, down Bt2.75 or 8.8 per cent in the morning session, after the United Nations Human Rights Office issued a report on Wednesday (February 12) naming 112 businesses that dealt with illegal Jewish settlements in the West Bank area. IVL’s stock closed on Friday at Bt29.75, down Bt1.50 or 4.80 per cent.
The 112 business entities identified in the report included well-known companies such as Airbnb, Expedia, Motorola, General Mills and IVL.
Avgol’s plan to move its factory in the West Bank area is part of an ongoing fibre business reform plan to reduce sanitation product cost. Also, the company had just leased the land in Balkan, which will expire in December this year.