Indorama Ventures acquires PET recycling facility in Brazil
AG Resinas is headquartered in the city of Juiz de Fora, and processes post-consumer PET into recycled polyethylene terephthalate flakes and pellets.
Thailand-based chemical maker Indorama Ventures Public Company Limited (IVL) announced that it has, through its indirect subsidiary Indorama Ventures Polimeros S.A., acquired 100% equity stake in AG Resinas Ltda., a PET recycling facility in Brazil.
The transaction was completed on June 8, IVL said in a statement.
Financial terms of the acquisition have not been disclosed.
“AG Resinas is a PET recycling facility in Juiz de Fora, Brazil, and processes post-consumer PET into recycled polyethylene terephthalate (rPET) flakes and pellets with a combined capacity of approximately 9,000 tonnes/annum,” IVL said in a statement. “The facility is in close proximity to a large supply of recovered PET bottles, bringing benefits through logistics advantage.”
The acquisition is strategically in-line with the IVL’s long-term sustainability objectives and will complement its PET business in Brazil, the statement added.