Indorama Ventures Public Co. Ltd. (IVL), a global chemical producer, announced recently that its joint venture has received all regulatory clearance required from the U.S. Federal Trade Commission (FTC) for the proposed joint asset purchase of M&G USA Corp. and its affiliated debtors.
On March 21, 2018, Indorama Ventures, Alpek, and Far Eastern Investment (Holding) Ltd., entered into an agreement to acquire M&G’s Corpus Christi plant through Corpus Christi Polymers LLC. The acquisition also includes certain M&G intellectual property and a desalination/boiler plant.
The report in Textile World also says that the Corpus Christi plant will have nominal capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively, Indorama Ventures says. Each joint venture party will receive one-third of the capacity of PTA and PET produced. All partners will procure raw materials independently, while also independently selling and distributing their corresponding PTA and PET.
Aloke Lohia, group CEO, sees the plant as “serving the growing market needs of recyclable PET” and predicts the plant will create hundreds of jobs.