Indorama Ventures Public Company Limited (IVL) announced that it has, through its indirect subsidiary Indorama Netherlands B.V., signed a Conditional Share Purchase Agreement on 3rd August 2020, with O.R.V. Ovattificio Resinatura Valpadana S.P.A. and OPOKA LTD., to acquire a 100% equity stake of Industrie Maurizio Peruzzo Polowat spółka z ograniczoną odpowiedzialnością (IMP Polowat), a limited liability company incorporated under the laws of Poland.
IMP Polowat consists of two production sites located in Bielsko-Biala and Leczyca, Poland and processes post-consumer PET into Recycled Polyethylene Terephthalate (rPET) flakes and pellets, with a combined capacity of approx. 27,000 tonnes/annum, consisting of 23,000 tonnes rPET flakes and 4,000 tonnes of rPET pellets.
This facility will be an attractive recycling platform for IVL in Eastern Europe, and will open up new opportunities to meet the increasing rPET demand for more sustainable packaging solutions. The combination of access to local bottle supply and trusted product quality will secure opportunity for IVL for growth and expansion over time.
The acquisition is consistent with IVL’s ambitious target in scaling its recycling capacity to reach 750,000 tonnes by 2025. This transaction is expected to be completed in the third quarter of 2020, subject to regulatory approvals.