Indorama Acquires 51% Stake in Turkish PET Producer
Indorama Ventures (IVL), world's largest PET producer, appears to be building a strong foothold in the Turkish market through acquisition.
The Dutch subsidiary of the Thailand-based company has now bought a 51% stake in Sasa Polyester Sanayi from the Sabanci Holding, with an option to acquire the remaining 49%.
This is IVL's second Turkish move this year. In March, the company received clearance from Turkish authorities to acquire Artenius TurkPET from bankrupt Spanish producer La Seda de Barcelona.
Both polyester producers were once under a common corporate roof. In 2006, La Seda took over the PET, PTA and preforms activities of Sabanci affiliate Advansa in the UK, Turkey and Romania for €320 million, while keeping the polyester fibres business.
The acquisition made the Spanish producer the world's largest integrated polyester player before overextension and inadequate financing led to its steep fall.
Sasa's integrated feedstock and polymer facilities at two plants in Adana, Turkey - where TurkPET has a PET polymerisation plant - have 600,000 t/y of total capacity for feedstock DMT, staple fibers, filament yarns, PET, PBT polymers and specialty chemicals.
