Thai chemicals company Indorama Ventures Public Co Ltd (IVL) has continued its shopping spree in recent months with the acquisition of Sines, Portugal-based manufacturer of Purified Terephthalic Acid (PTA) Artlant PTA, SA.
The purchase includes all Artlant equipment, surface rights and employment contracts, as well as its PTA production plant in the Sines Industrial Complex., IVL announced 9 Nov.
The facility has a production capacity of 700,000 tonnes per annum, which the IVL said would add ‘substantially’ to its PTA activities in Europe.
IVL is also acquiring the assets of adjacent utilities provider, Artelia Ambiente, SA which has a capacity of 40.390 MW of electricity, steam, demineralised water, wastewater treatment and hydrogen.
The acquisition will secure energy supply to Artlant and excess power will be sold to the grid.
PTA is used as raw material for PET (Polyester) production.
“Artlant fortifies our core PTA business and is a part of our successful vertical integration strategy,” said Aloke Lohia, group CEO of Indorama Ventures.
Artlant, he said, will drive the growth of the polyester business both in Portugal and the rest of Europe.
The deal is expected to close in the final quarter of 2017.
The move follows another major acquisition by IVL in October, which saw the company buying the film business joint ventures DuPont Teijin Films, with production plants in the US, Europe and China.
Indorama has been aggressively acquiring polyester-related assets in recent years, picking up operations in Europe, India and the United States.
In 2016, it bought British Petroleum plc’s massive petrochemical complex in Decatur, Alabama.
Indorama makes polyester resin, filament yarns, fabric and fibres, but does not extrude film.