Indorama to get PET/PTA plant

Indian group sets up CC Polymers JV

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Thailand-based Indian Group Indorama Ventures has set up a new JV called CC Polymers along with Far Eastern Investment and Alpek to acquire M&G’s integrated PET/PTA assets in the USA for US$ 1.125 billion. Located at Corpus Christi in Texas, USA, each partner
in the JV will invest around US$ 375 million in return for the right to offtake one-third of the plant’s output. M&G was in the process of setting up the world’s largest integrated PET/
PTA plant with an annual capacity of 1.1 million MT of PET and 1.3 million MT of PTA (purified terephthalic acid).

M&G had launched this project in 2016 but had to file for bankruptcy protection during the fourth quarter of 2017, necessitating divestment of assets under Chapter 11.

Far Eastern Investment is owned by Far Eastern New Century (FENC), which had invested earlier this year in M&G’s West Virginia plant and Ohio R&D Center. FENC is probably Asia’s
largest PET Bottle manufacturer with plants operating in China and Taiwan.

Earlier this year, Indorama Ventures also agreed to take over M&G Polimeros Brazil, a producer and marketer of PET resins and packaging applications, for an undisclosed sum. M&G Polimeros is Brazil’s largest PET plant with an annual capacity of 550,000 MT.

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S. Chidambar is an engineer and management consultant, who is one of the India's best known professionals in the Packaging and Plastics industries. He has been the CEO of four leading Packaging companies and his clients include some of the industry's leading organizations both in India and abroad.He writes extensively on Packaging,Plastics,Printing/Conversion and Communications and has been visiting faculty to IIP and several other mangement institutes for many years.He has pioneered the development of several hi-tech materials and applications.

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