Indorama Ventures Public Company Limited (IVL), a global chemical producer, announced that its joint venture has received all regulatory clearance required from the United States Federal Trade Commission (“FTC”) for the proposed joint asset purchase of M&G USA Corp. and its affiliated debtors.
On 21 March 2018, Indorama Ventures, Alpek, S.A.B. de C.V., and Far Eastern Investment (Holding) Ltd., entered into a joint venture 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 Corpus Christi plant will have nominal capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively. The three JV parties will each receive one-third of the capacity of PTA and PET produced. Each of the partners will procure raw materials independently, while also independently selling and distributing their corresponding PTA and PET. The plant is the largest in North America with state of art technology and is a vertically integrated PTA-PET production facility.
Mr. Aloke Lohia, Group CEO of Indorama Ventures commented, “The FTC’s regulatory clearance represents an important milestone and a giant step towards serving the growing market needs of Recyclable PET for many years to come. With the approvals in place, we look forward to assist and fast track the construction and create hundreds of jobs to workers with this project.”