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Specialty Chemicals

Indorama ends 2018 on a high note

by Marc Reisch
January 12, 2019 | APPEARED IN VOLUME 97, ISSUE 2

 

Continuing to expand its global footprint in the polyester industry, Indorama finished 2018 by arranging for two new acquisitions, completing another, and starting up a new plant. In late December, the firm agreed to acquire Invista’s 282,000-metric-ton-per-year polyethylene terephthalate (PET) operation in Gersthofen, Germany. The facility produces industrial fibers and packaging resins. Just a few days later, it agreed to acquire an Alabama PET recycling facility from Custom Polymers. The facility can recycle both commodity and food-grade resin and has a combined annual capacity of 31,000 t. Then, just as the year came to an end, Indorama—along with partners Alpek and Far Eastern New Century—completed the acquisition of a partially-constructed purified-terephthalic acid (PTA) and PET complex in Corpus Christi, Texas. The partners agreed to buy the complex, formerly owned by the bankrupt Italian company M&G Chemicals, in March 2018 for $1.1 billion. The plant is designed to make up to 1.2 million t of PTA and 1 million t of PET annually. Separately, Indorama says it has started up a 440,000 t purified isophthalic acid plant at its polyester complex in Decatur, Alabama.

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