Thai chemical group Indorama Ventures Limited (IVL) plans to acquire the assets of Artlanta PTA, a company which is located in the Industrial Complex of Sines in Portugal, including equipment, surface rights and work contracts, the group said in a statement issued on Thursday in Bangkok.
Artlant, which filed for bankruptcy last summer, is the largest producer of purified terephthalic acid (PTA) with an installed capacity of 700,000 tonnes per year, and the acquisition will, “strengthen the leadership position of Indorama Ventures Limited in the European PTA market.”
The IVL group also plans to acquire the Artelia Environment company, which has a production capacity of 40,390 megawatts of electricity and has facilities for water demineralisation, treatment of liquid waste and hydrogen.
“This latest acquisition will enable the group to supply itself with electricity and sell the excess to the Portuguese power grid,” said the press release.
PTA is used as a raw material for the production of polyester (PET), and with this acquisition the group intends to create synergies through domestic supply and import replacement for industrial units that it owns in Europe, specifically in the Netherlands, Germany, Ireland, France, the United Kingdom, Denmark, Lithuania, the Czech Republic, Luxembourg and Spain.
The statement did not detail the costs involved in the transaction, but Portuguese newspaper Observador mentioned a figure of 28 million euros.
Portuguese state bank Caixa Geral de Depositos was the main financier of the industrial project of Spanish chemical group La Seda, whose 400 million-euro investment was concluded in 2010.
With the fall of La Seda, CGD took the reins at Artlant, having and loans applied in the company exceeded 500 million euros. (macauhub)