In a deal the financial details of which were not disclosed, PET world market leader Indorama Ventures (IVL, Bangkok / Thailand; www.indorama.net) has acquired the brand new PET plant built by Polyplex (Gautam Budh Nagar / India; www.polyplex.com) in Corlu / Turkey, located northwest of Istanbul. The facility has not yet started up. The transaction is expected to be completed in Q1 this year, IVL said.

The Indian company operates a number of integrated PET plants in Thailand, India and the US, manufacturing material for captive use in its film production. The group first announced its entry into the production of resin for bottle manufacture in 2012 (see Plasteurope.com of 11.06.2012). The 252,000 t/y facility in Turkey was reportedly completed about a year ago, but has yet to be started up amid the massive overcapacities in the market.

After Indorama’s purchase of Artenius TurkPET’s 130,000 t/y PET resin plant in Adana / Turkey last year, following the La Seda bankruptcy (see Plasteurope.com of 06.06.2014), the company now can turn out 382,000 t/y in Turkey alone – making it the market leader not just here but in southern Europe as a whole, Indorama CEO Aloke Lohia said. He added that Turkey is one of the fastest growing markets in Europe and the OECD, with good future prospects. About half of its population of 76m is below the age of 30, and by 2020, the country is expected to add an additional 10m middle class households. Indorama plans to carve out a role for itself as the country’s leading beverage industry supplier.

“Europe in general has been relatively weak since 2013 which has led to strategic M&A actions by us in 2014 to improve our EMEA cost position and serve our customers competitively from within the region. The industry consolidation, competitive currency environment and the lower raw material costs create superior value for our customers and shareholders alike,” Lohia added.