Indorama Acquires SASA
Polyester precursors, fiber, yarn and components producer Indorama Ventures Public Co. Ltd. (IVL), Thailand, has through its subsidiary Indorama Netherlands B.V. (IBV) acquired 51 percent of polyethylene terephthalate (PET) producer SASA Polyester Sanayi A.S. (SASA), Turkey. IBV also plans to acquire the remaining 49-percent share of SASA.
SASA’s integrated feedstock and polymer facilities produce dimethyl terephthalate, staple fibers, filament yarns, PET, polybutylene terephthalate polymers and specialty chemicals; and have a total annual capacity of 600,000 tons. The company supplies more than 150 types of products to more than 54 countries.
The acquisition enables IVL to expand into new territories, according to IVL CEO Aloke Lohia. “The company is a well-known producer in the country and is an excellent first step into the Turkish market, allowing us to leverage its HVA [high value add] production facilities to provide advantaged portfolio extensions for current and new customers,” he said. “Turkey provides us the potential for expansion of domestic sales and opens up the opportunity to sell into the surrounding underserved region.”