Indorama Ventures Ltd. (IVL; Bangkok, Thailand) announced that it has, through its indirect subsidiary Indorama Ventures Polimeros S.A., acquired a 100% equity stake in AG Resinas Ltda., a limited-liability company incorporated in Brazil.
IVL completed the transaction on June 8, 2020. AG Resinas operates a polyethylene terephthalate (PET) recycling facility in Juiz de Fora, Brazil, which processes post-consumer PET into recycled polyethylene terephthalate (rPET) flakes and pellets with a combined capacity of approx. 9,000 metric tons per year (m.t./yr).
The facility is in close proximity to a large supply of recovered PET bottles, bringing benefits through advantageous logistics, This acquisition is strategically in-line with the IVL’s long-term sustainability objectives and will complement IVL’s PET business in Brazil and provide a unique opportunity to create an immediate recycling presence with further expansion opportunity.
IVL previously acquired Brazil’s largest PET manufacturing facility from M&G Polimeros in 2018.
In 2019, IVL acquired plastics recycling assets in the U.S. (in California and Alabama), and in 2018 acquired a plastics recycling business in France, as well as PET manufacturing assets in Germany and Egypt.