Indorama Ventures (Bangkok, Thailand) has entered into an agreement to acquire M&G Polimeros Brazil (Ipojuca, Brazil). Financial details of the transaction were not disclosed.
The transaction is expected to be completed in the second quarter of 2018, subject to regulatory approvals. M&G’s parent, Mossi Ghisolfi Group (Tortona, Italy), filed for bankruptcy protection last October.
Indorama states that the plant is the largest polyethylene terephthalate (PET) facility in Brazil, with capacity of 550,000 metric tons/year. This plant benefits from virtual integration with a manufacturer of purified terephthalic acid, a key feedstock to PET, adds Indorama. Indorama projects immediate incremental revenues and cost synergies, driven by a substantial volume increase and potential value add through backward integration.
South America is an important emerging market with domestic demand for PET growing at around 5%. Today’s per capita consumption of PET is comparatively low at 2.8 kg and has great potential for growth. Brazil also has strong underlying fundamentals, supported by government policies to stimulate economic growth and strengthen the domestic market, according to Indorama.
“Indorama Ventures now has unrivalled scale and global reach, being present in five continents with a uniquely balanced and integrated business model,” says Indorama CEO Aloke Lohia.
Indorama Ventures net profit for the fourth quarter was 59% higher year over year (YOY) at $117 million, EBITDA increased 25% to $256 million, and sales were 16% higher at $2.14 billion. PET revenue grew 12% in the fourth quarter.
By Kartik Kohli
Source: Chemical Week
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
