Indorama Ventures announced today that it has agreed to acquire DuPont Teijin Films (DTF), a top producer of biaxially-oriented polyethylene terephthalate (BOPET) and polyethylene naphthalate (PEN) films with total film/polymer capacity of 277,000 metric tons/year.
The acquisition includes DuPont Teijin Films US, DuPont Teijin Films Luxembourg, DuPont Teijin Films UK, and DuPont Teijin Films China. The assets comprise eight production facilities in the United States, Europe, and China, and an innovation center in the United Kingdom. It is expected to be completed late 2017 or early 2018, subject to regulatory approvals.
Established in 2000, DTF is a 50/50 joint venture (JV) between DuPont and Teijin. Teijn in August 2016 bought DuPont out of their JVs in Japan and Indonesia making them wholly owned subsidiaries. DTF has annual revenue of about $600 million.
DTF is the world’s largest producer of BOPET and PEN polyester films. The group specializes in film products for the specialty, industrial, packaging, automotive, advanced magnetic media, photo systems, and electrical and electronics markets, among others.
Global consumption of BOPET is expected to increase at an average compound annual growth rate of about 7%, IVL says. The acquisition improves IVL’s integration in the PET product chain, and also complement’s IVL’s captive production of NDC, a material used in many polymers and films. IVL says it is the world’s only commerical manufacturer of NDC.
“DTF provides prudent growth in an industry related to our core businesses and is a strong foundation for future growth. DTF has a strong history of R&D with over 700 patents, which makes it a strategic fit with our own innovation capabilities,” said Aloke Lohia, CEO of Indorama Ventures. In 2016 IVL reported sales of $7.2 billion.
Allen & Overy and Lowenstein Sandler are serving as legal advisors to IVL. Goldman Sachs serve as joint financial advisor to DuPont and Teijin. Eckert Seamans Cherin & Mellott is serving as legal advisor to DuPont. Terralink Advisors is serving as financial advisor, and Morrison & Foerster LLP is serving as legal advisor to Teijin.
By Natasha Alperowicz
Source: Chemical Week
Researchers have developed a new chemical process capable of vaporizing plastics and converting them into hydrocarbon building blocks for new materials. This catalytic process breaks down two of the most dominant types of post-consumer plastic waste — PE and PP — into monomers, offering a potential solution to packaging waste management.
On 2 September 2024 it has been agreed that Heikki Malinen will assume the role of Neste’s President and CEO on 15 October 2024. He succeeds Matti Lehmus, who will continue as the President and CEO of Neste until 14 October 2024 and then act as an advisor to the company and its management until mid-November 2024 to ensure a smooth transition.
Eni SpA (Rome) and Azerbaijan’s state energy company Socar (Baku) have signed a memorandum of understanding (MOU) for potential cooperation in the biofuels production chain, including the possible conversion of conventional crude oil refineries into biorefineries. A schedule for potential projects was not given.
