Global chemical producer Indorama Ventures Public Company (IVL) has completed the acquisition of INVISTA Resins & Fibers, a specialty chemicals asset situated in Gersthofen, Germany.
The portfolio of Indorama Ventures comprises integrated PET, olefins, fibers, packaging and specialty chemicals.
The Gersthofen site employs about 140 people and has a combined capacity of 282,000 tonnes per year.
On 20 December 2018, IVL signed an agreement to acquire Invista Resins & Fibers to grow and support customer’s needs with differentiated solutions in packaging and industrial fibers.
The acquisition provides the company with competitive advantages, gaining the intellectual property rights of POLYSHIELD PET and OXYCLEAR Barrier PET, Invista’s barrier technology, in all markets across the globe.
POLYSHIELD PET and OXYCLEAR Barrier PET brands are renowned for their oxygen barrier packaging and are primarily used in the food and beverage industry to extend the shelf life of juice, wine, beer, diary as well as ketchup.
Indorama Ventures group CEO Aloke Lohia said: “This is an exciting step forward that will lead us to further accelerate our transformation. We are ready to seize global opportunities and create the greatest value for our customers and shareholders.
“We are excited to welcome the Invista team to the IVL family, and look forward to growing the POLYSHIELD PET and OXYCLEAR Barrier PET brands to their full potential.”
In 2011, IVL has made its debut in this segment through the acquisition of Auriga Polymers in South Carolina, US.
The company purchased the rights for the technology to create the Crystal Clear Oxygen Barrier Resin in certain markets in the Americas.
The present acquisition is expected to give added momentum to the company addressing a growing demand for barrier resins, and reach both existing and new customers globally.
Indorama Ventures claims that their products serve major FMCG and Automotive sectors like beverages, hygiene, personal care and safety segments and they have approximately 17,000 employees across the world.