Indorama Ventures Public Company Limited completed the acquisition of polyethylene terephthalate plant in Apple Grove, West Virginia, and its research and development centre in Sharon Center, Ohio from M&G USA Corporation and M&G Polymers USA.
December 27, 2018
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Indorama Ventures Public Company Limited (SET:IVL) entered into a purchase agreement to acquire polyethylene terephthalate plant in Apple Grove, West Virginia, and its research and development centre in Sharon Center, Ohio from M&G USA Corporation and M&G Polymers USA for $10 million on January 17, 2018. Under the terms of agreement, Indorama Ventures will pay $6 million in cash along with assuming the liabilities. An escrow amount of $0.6 million has been deposited with the counsel agent of M&G USA Corp. and M&G Polymers, which will be treated as termination fee in case of transaction is terminated from Indorama Ventures. The transaction is subject to
approval from bankruptcy court. As of December 20, 2018 Indorama Ventures Public Company Limited received all the regulatory clearance in the US for the proposed acquisition of integrated purified terephthalic acid polyethylene terephthalate. (SET:IVL)Michael Cohen of Jones Day acted as bankruptcy advisor to M&G USA Corp. and M&G Polymers. Nicholas San Filippo, Paul Kizel, and Sam Khan of Lowenstein Sandler LLP acted as legal advisor and HSBC Bank PLC has acted as financial advisor to Indorama Venture. Michael Cohen, Jeffrey Symons and Carl Black of Jones Day acted as legal advisor to M&G USA Corporation.
Indorama Ventures Public Company Limited (SET:IVL) completed the acquisition of polyethylene terephthalate plant in Apple Grove, West Virginia, and its research and development centre in Sharon Center, Ohio from M&G USA Corporation and M&G Polymers USA on December 28, 2018.
Indorama Ventures Public Company Limited is a Thailand-based petrochemicals producer. The Company operates through three segments: Combined PET, Integrated Oxides and Derivatives (IO), and Fibers. Its Combine PET segment manufactures and distributes polyethylene terephthalate (PET) value chain comprising Paraxylene (PX), Purified Terephthalic Acid (PTA), PET, and recycling (Integrated PET), PET preforms and packaging and specialty PET-related chemicals comprising PIA and NDC. Its Integrated Oxides and Derivatives segment manufactures and distributes integrated EG, integrated purified EO, PO/MTBE and integrated surfactants comprising EOA, LAB and others. Its Fiber segment manufactures and distributes polyester, rayon, nylon, polypropylene, composites and worsted wool fibers, for mobility, lifestyle and hygiene markets. The Company's products are used in health, personal hygiene, human safety and packaging solutions.
Indorama Ventures Public Company Limited completed the acquisition of polyethylene terephthalate plant in Apple Grove, West Virginia, and its research and development centre in Sharon Center, Ohio from M&G USA Corporation and M&G Polymers USA.