Thailand headquartered and producer of petrochemicals and fibres, Indorama Ventures has signed two joint venture deals in Mexico, both in which it will have a 51 per cent holding.
The first is Indorama Ventures EcoMex, S. de R. L de C.V which is in the business of PET Recycled Flake and the 51 per cent stake will be held by one of its indirect subsidiaries, IVL Holding, S. de R.L. de C.V.
The second JV named Indorama Ventures EcoMex Services, S. de R. L de C.V will offer administrative services and in this too, the 51 per cent stake will be held by IVL Holding, S. de R.L. de C.V.
The rest of the 49 per cent in both joint ventures will be held by Mario Martínez Barone, a Mexican citizen in his individual capacity.
In a statement Indorama said, “M&M Polymers S.A. de C.V., a company controlled by Mario Martinez Barone was a supplier of PET flakes to us in Mexico.”
“And with this investment we would get partially integrated in own produced flakes for our Recycled PET which is in line with our strategy to promote sustainability through recycling and reducing waste,” it added.
