Indorama Ventures Public Company Limited (IVL), a global chemical producer, announced the completion of its acquisition of Invista Resins & Fibers GmbH, a specialty chemicals asset located in Gersthofen, Germany. The Gersthofen site has a combined capacity of 282,000 tonnes/annum, and employs approximately 140 employees.
Indorama Ventures had previously announced its agreement to acquire Invista Resins & Fibers GmbH on December 20, 2018. This acquisition is aligned with IVL’s strategy to grow and support our customer’s needs with differentiated solutions in both packaging and in industrial fibers. It provides IVL with competitive advantages, obtaining the intellectual property rights of POLYSHIELD PET and OXYCLEAR Barrier PET, Invista’s barrier technology, in all markets globally. POLYSHIELD PET and OXYCLEAR Barrier PET brands are known for their oxygen barrier packaging, mainly used by the food and beverage industry, to extend the shelf life of juice, wine, beer, diary as well as ketchup.
IVL currently has a leading market share in the North America oxygen barrier PET market. The Company made its debut in this segment in 2011 through the acquisition of Auriga Polymers in South Carolina, USA, acquiring the rights to the technology for creating the Crystal Clear Oxygen Barrier Resin in certain markets in the Americas. This acquisition gives IVL added momentum to address a growing demand for barrier resins, and reach both existing and new customers globally.
Mr Aloke Lohia, Group CEO of Indorama Ventures 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.”