PET supplier Indorama, based in Thailand, has made another acquisition as it continues to expand its footprint beyond Asia. In late 2010 it acquired Invista's polyethylene terephthalate (PET) assets in North America, Eastman's in Europe in 2007, and also spent the past few years establishing itself in Eastern Europe. Now, the company has announced its agreement to acquire Wellman International's recycling business in Europe from holding company Aurelius. Indorama hopes the purchase can move it a step closer to becoming a 'zero waste' company.
The purchase from Aurelius includes the businesses of Wellman International Limited and its related company, MJR Recycling BV. Indorama expects to complete it within 2011, subject to necessary regulatory approvals, and says the move will provide access to proven recycling technology and the potential for a technology transfer to the supplier's Asian assets with a reduced learning curve.
"This is a very exciting project for us," said Indorama Group CEO Aloke Lohia. "The target acquisition has the know-how to blend recycled PET (rPET) and industrial waste and will potentially contribute to make Indorama Ventures a 'zero waste' company with a low carbon footprint able to serve both the beverage and fiber segments of our customer base."