Indorama Ventures Expands Into US, Mexico; Buys Polyester Businesses
Integrated polyester chain producer Indorama Ventures PCL (IVL.TH) said Friday that it will pay $420 million to acquire the assets of Invista S.a.r.l in South Carolina, along with its Latin American polyester resins and staple business in Mexico.
The announcement comes a day after the company said it planned to acquire a plant in China, with installed capacity of around 406,000 metric tons a year, from Guangdong Shinda UHMWPE Co.
Earlier, the company said it continues to search for growth opportunities globally and intends to secure a deal each in North America, Europe and Asia by the end of the year.
The company expects to complete the U.S. and Mexico deal by the first quarter of 2011, it said in a filing to the Stock Exchange of Thailand.
The company said Invista's operations in South Carolina produce PET, specialty polymers, fibers and film which are used in bottles that store drinks and food. The plant has total capacity of 470,000 tons annually.
The operations in central Mexico have annual capacity of 535,000 tons, producing PET, speciality polymers and fibers.
"This acquisition will allow the company to build upon its expanding global platform, making the company the largest PET producer in the world and at the same time complement the strategy to increase its footprint into new higher growth markets in Central and Latin America," it said in a statement.
Separately, the company said it plans to issue 481.6 million units of transferable subscription right, or TSR, to existing shareholders and issue 481.6 million new shares to facilitate the conversion.
The TSR will be offered to existing shareholders for free at the ratio of one unit for every nine shares held. The TSR will be allotted to shareholders on record as of Nov. 26.
Each unit of the TSR, with up to two-months maturity, will be entitled to purchase one new share at a price that will be determined by the company later. To accommodate the conversion, the company will raise registered capital by THB481.6 million to THB4.82 billion.
The TSR issuance and subsequent recapitalization are subject to approval from shareholders, who will meet on Dec. 17.
The announcement comes a day after the company said it planned to acquire a plant in China, with installed capacity of around 406,000 metric tons a year, from Guangdong Shinda UHMWPE Co.
Earlier, the company said it continues to search for growth opportunities globally and intends to secure a deal each in North America, Europe and Asia by the end of the year.
The company expects to complete the U.S. and Mexico deal by the first quarter of 2011, it said in a filing to the Stock Exchange of Thailand.
The company said Invista's operations in South Carolina produce PET, specialty polymers, fibers and film which are used in bottles that store drinks and food. The plant has total capacity of 470,000 tons annually.
The operations in central Mexico have annual capacity of 535,000 tons, producing PET, speciality polymers and fibers.
"This acquisition will allow the company to build upon its expanding global platform, making the company the largest PET producer in the world and at the same time complement the strategy to increase its footprint into new higher growth markets in Central and Latin America," it said in a statement.
Separately, the company said it plans to issue 481.6 million units of transferable subscription right, or TSR, to existing shareholders and issue 481.6 million new shares to facilitate the conversion.
The TSR will be offered to existing shareholders for free at the ratio of one unit for every nine shares held. The TSR will be allotted to shareholders on record as of Nov. 26.
Each unit of the TSR, with up to two-months maturity, will be entitled to purchase one new share at a price that will be determined by the company later. To accommodate the conversion, the company will raise registered capital by THB481.6 million to THB4.82 billion.
The TSR issuance and subsequent recapitalization are subject to approval from shareholders, who will meet on Dec. 17.
转载本网专稿请注明出处“中国纺织网”
编辑：纺织网
文章关键词： Indorama Ventures Polyester
「相关报道」
免责声明：浙江网盛生意宝股份有限公司对中国纺织网上刊登之所有信息不声明或保证其内容之正确性或可靠性；您于此接受并承认信赖任何信息所生之风险应自行承担。浙江网