Indorama will acquire

The Thai polyester giant Indorama has agreed to acquire DuPont Teijin Films for an undisclosed amount. The joint venture between DowDuPont and Japan’s Teijin makes biaxially oriented polyethylene terephthalate (BOPET) and polyethylene naphthalate (PEN) films. It has 277,000 metric tons of film capacity per year and annual sales of about $600 million. With the purchase, Indorama will get eight production sites in the U.S., Europe, and Asia and an innovation center in the U.K. It will also acquire the Melinex and Mylar brands. The market for BOPET film, used in packaging and electronics applications, is growing at a rate of 7% per year, Indorama says. The acquisition will integrate the DuPont Teijin business with Indorama’s PET production, the firm adds. In addition, the Thai firm makes the PEN raw material naphthalene dicarboxylate. Indorama bought the world’s only naphthalene dicarboxylate plant last year from BP.