Indorama Ventures signed the final agreement handing over the ownership the assets of Guangdong Shinda UHMWPE Co. Ltd., to be renamed Guangdong IVL PET Polymers Company Limited. The plant, located in Kaiping City, Guangdong Province, China has an installed capacity of 406,000 tons per annum to produce PET polymers and Polyester polymers for fibres and yarns and industrial applications. The definitive agreement to acquire the assets was signed on 11 November 2010 in Bangkok.

The final signing ceremony was a grand occasion with approximately 200 executives from lenders, customers and suppliers, the local Thai consulate, local and IVL management. The company is the 16th site of IVL. The company plans to expand the plant in future as demand grows to around 500,000 tonnes per annum.

Mr. Aloke Lohia, Group CEO of Indorama Ventures expressed satisfaction with closing a deal that will take the company into one of the world's fastest-growing markets for PET (polyethylene terephthalate).

"Guangdong IVL is one of the transactions we signed agreements for in the second half of 2010. Closing the deal today means we have fulfilled part of the company's Aspiration 2014 business plan that aims to build the company's total production capacity to 10 million tonnes per annum within 2014.

"I look forward to closing other deals in the US, Mexico, Indonesia and Poland over the next few weeks and ensuring that the business stays on track to maintain its growth momentum," said Mr. Lohia.

"China is the world's largest consumer market and demand for PET and Polyester fibres and yarns is growing at unprecedented levels. Such value accretive investments are the hallmark of our company and we intend for it to be a showcase of our ability to enter competitive markets and create value," he added.

Indorama Ventures Public Company Limited, listed in Thailand (is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America.

source:Indorama Ventures