Thailand based and global fibres and petrochemicals producer, Indorama Ventures (IVL) is pulling out of an agreement to acquire SASA Polyester Sanayi AS (SASA) in Turkey.
In a Thailand stock exchange filing, Indorama said both sides have mutually agreed to withdraw from implementing the acquisition of SASA.
Indorama added that it has decided to focus on its PET footprint in Turkey.
In April 2014, IVL had said it is acquiring 51 per cent of SASA Polyester Sanayi A.S, a polyester and PET producer, through its subsidiary Indorama Netherlands B.V. from Haci Omer Sabanci Holding AS.
SASA incorporates integrated feedstock and polymer facilities producing DMT, staple fibers, filament yarns, PET, PBT polymers and specialty chemicals with a total plant capacity of 600,000 tons per annum.
Last week, IVL had said it has reached a definitive agreement with Polyplex Europa Polyester Film San ve Ticaret. A.S., Turkey, to fully acquire its PET resin plant with a planned capacity of 252,000 tons per year.
Following the acquisition of the 130,000 tons Artenius Turkpet plant, IVL said it now has a total PET capacity of 382,000 tons in Turkey, making it a clear number one domestic PET producer in Turkey. (AR)
