Thai Firm Buys Invista PET Manufacturing

New York, NY, Nov. 15, 2010 -- Invista has sold PET polymer and resin manufacturing facilities in Spartanburg, S.C. and Queretaro, Mexico for $420 million to Bangkok-based Indorama Ventures Public Co.

The transaction includes $229 million for  fixed assets and equity interests and $174 million for the net working capital of the business. The transaction is expected to close in the first quarter of 2011, pending regulatory approval.

“We believe Invista’s Spartanburg and Queretaro businesses complement Indorama Ventures’ existing U.S. business,” Chris Hamman, president of Invista Polymer and Resins, said in a press release.

The Spartanburg plant produces polyester resins used in drink bottles, food and custom containers. It also makes polyester staple fibers and specialty polymers for a variety of applications. 

Invista’s Mexico facility produces similar products.

Aloke Lohia, CEO of Indorama, said the acquisition will make his company the largest PET producer in the world.