Chicago, Illinois – January 15, 2019 – City Capital Advisors, a Chicago-based middle market investment bank, is pleased to announce that it acted as exclusive financial advisor to Custom Polymers PET in the sale of its PET recycling facility in Alabama, U.S. to Indorama Ventures Public Company Limited (IVL), a global chemical producer. The facility consists of two production lines; Recycled Polyethylene Terephthalate (rPET) Flake and food-grade rPET Pellets, with a combined capacity of 31,000 tonnes/annum.
Regardless of the fluctuations in the quality of post-consumer feedstock, this recycling facility can offer consistently high quality recycled PET material that meets customers’ specific needs in Packaging and Fibers. Indorama Ventures with Custom Polymer has important footprints in Recycling in multiple locations in Europe, in Mexico, in Thailand and now in USA.
A growing emphasis on sustainability and circular economy objectives among packaging and consumer product manufacturers is expected to be amongst the key factors driving market growth. This acquisition is strategically in line with Indorama’s objectives of long-term sustainability. The acquisition of this recycling facility from Custom Polymers will allow IVL to have a secured supply of rPET Flake and food-grade100% rPET Pellets in US, and this will open up new opportunities to meet the ever increasing food grade rPET demand for more sustainable packaging solutions by major brand owners. The proximity of this recycling facility to our existing polyester manufacturing entities in US, synergies of management and supply chain are expected to benefit Indorama Ventures’ ability to serve our customers in North America.
Commenting on the acquisition, Mr. Aloke Lohia, Group CEO of Indorama Ventures said, “At Indorama Ventures, we intend to play a key role in promoting the circular economy and environmental sustainability by continuing to pursue the right opportunities to fill gaps that are intrinsic to our industry’s sustainable and profitable business. We strongly feel that this initiative will contribute as an attractive platform for strong future growth in our commitment to sustainable recycling business with the potential to expand further with the support of our stakeholders.”
About Custom Polymers PET
Custom Polymers PET, LLC provides polyethylene terephthalate (PET) recycling, pelletizing, washing, and grinding services. The company is based in Athens, Alabama. Custom Polymers PET, LLC operates as a subsidiary of Custom Polymers, Inc.
About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and Americas. The company’s portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers, and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA where economical. Indorama Ventures products serve major FMCG and Automotive sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. Indorama Ventures has approx. 16,000 employees worldwide and consolidated revenue of US$ 8.4 billion in 2017. The Company is listed in the Dow Jones Sustainability Index (DJSI).
Indorama Ventures is headquartered in Bangkok, Thailand with global operating sites in
|EMEA:||The Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland, Czech Republic, Luxembourg, Spain, Turkey, Nigeria, Ghana, Portugal, Israel, Egypt, Russia, Slovakia|
|Americas:||USA, Mexico, Canada, Brazil|
|Asia:||Thailand, Indonesia, China, India, the Philippines, Myanmar|
About City Capital Advisors
City Capital Advisors, a FINRA registered broker-dealer, is a results-oriented investment banking advisory firm. Each of City Capital’s Managing Directors has more than 20 years of investment banking experience, offering clients the judgment and transaction management expertise honed from successfully executing more than $60 billion of collective merger and capital market transactions. Client engagements are managed exclusively by experienced senior investment bankers, allowing business owners to capture maximum value for their companies and to exceed shareholder objectives.