Thailand-based chemical producer, Indorama Ventures Public Company Limited (IVL), has signed an agreement to acquire M&G Fibras Brazil located in Cabo de Santo Agostinho, Brazil.
The transaction is expected to be completed in Q4/2018.
The acquisition holds significance in IVL’s global footprint in fibres as it now looks forward to firmly establish itself in Brazil, one of the largest economies of South America.
This will also give ample opportunity to IVL to participate in the local market along with other strategic benefits from free trade agreements with other Latin American countries.
The plant, which manufactures and supplies Polyester Staple Fibre, is very near to Indorama Ventures’ PET site.
With a local manufacturing base, IVL is in a better position to further expand into nonwoven applications in Brazil.
Further on the same, Aloke Lohia, Group CEO, Indorama Ventures, was clear that the company is committed to support the local spinning industry and supply fibres of unmatched quality to blend with cotton and reduce dependence on imports.
Additionally, the Thailand-based company has pledged to further boost the use of post-consumer polyethylene terephthalate (PET) and polyester waste materials as feedstock for the future.
