Indorama Ventures Plc (IVL), a chemical producer, has entered into an agreement to acquire Invista Resins & Fibers GmbH, which owns a high value-added PET manufacturing facility located in Gersthofen, Germany.
The Gersthofen has a capacity of 282,000 tonnes/ annum, and employs approximately 140 employees.
The transaction is expected to be completed in the first quarter of next year, subject to regulatory approvals, the company’s chief executive officer Aloke Lohia said in a press release yesterday.
Invista Gersthofen is a strong strategic fit with IVL and is aligned with our strategy to grow and support our customer’s needs with differentiated solutions in both packaging and in industrial fibres. IVL will own the intellectual property rights of Polyshield Pet and Oxyclear Barrier PET, Invista’s barrier technology, in all markets globally.
Polyshield Pet and Oxyclear Barrier Pet brands are well-anchored in oxygen barrier packaging, ie Ketchup. Together with IVL’s HVA polymer business in America’s, Gersthofen will open new opportunities in several new markets and attractive segments.