Thailand-based polyester and polyethylene terephthalate (PET) manufacturer Indorama Ventures (IVL) is all set to acquire a packaging company in Nigeria, Africa.
The Nigerian company produces PET preforms that are blown into bottles by its water or carbonated soft drinks customers.
According to IVL, the acquisition will be a forward integration for the company’s PET segment which set up an 84,000Mts per annum PET bottle resin manufacturing unit in Nigeria in 2012.
The acquisition will also enable IVL to grow the demand of PET in West Africa and increase volumes for its PET resin business in Nigeria and Western Africa by leveraging PET resin and packaging capabilities.
Subject to regulatory approvals, the transaction is expected to be completed within the first half of 2013.