IVL in landmark chemical buy
Net profit boost of 25% anticipated
The SET-listed Indorama Ventures (IVL) is practising backward integration by acquiring two ethylene makers for US$795 million, a move that should boost its bottom line by 25% this year.
The world's No.1 integrated polyester chain producer yesterday announced it would buy Old World Industries I and Old World Transportation, owners of the largest ethylene oxide and ethylene glycol facilities in the United States.
Monoethylene glycol (MEG) is a key component, together with purified terephthalic acid (PTA), in producing polyethylene terephthalate (PET), as well as the polyester fibre and yarn that IVL produces, the company said in a statement to the Stock Exchange of Thailand.
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About the author
- Writer: Nareerat Wiriyapong
- Position: Business Reporter
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