Indorama Buys New Polyplex's Turkish PET Plant
In a deal set to close during the first quarter of this year, Thai polyester giant Indorama, world's largest producer of PET packaging resins, plans to acquire a 252,000 t/y production facility in Corlu, Turkey, built by a Turkish offshoot of the India-based global PET film manufacturer Polyplex.
First announced in 2012, the Polyplex PET plant located near Istanbul is believed to have been idle since completion, as the company was reticent to start up in the face of a massively oversupplied market.
In 2014, Indorama acquired a 130,000 t/y PET resin plant in Turkey owned by Artenius Turkpet, a subsidiary of the insolvent erstwhile PET market leader La Seda de Barcelona. With the addition of the Polyplex facility, the Thai group will have capacity for 382,000 t/y of resin in Turkey, making it the region's market leader.
