Indorama Ventures Plc (IVL), a global chemical company, has completed the acquisition of Vietnam’s leading PET packaging company Ngoc Nghia Industry-Service-Trading JSC for Bt 3.09 billion (US$89 million).
The acquisition is set to boost IVL’s market position as it expands its integrated offering of polyethylene terephthalate (PET) products to major multinational customers throughout ASEAN region.
Ngoc Nghia is a trusted market leader in PET with long-term partnerships with major global and Vietnamese brands in the beverage and non-beverage industries. It has 4 manufacturing facilities in northern and southern Vietnam with a total production capacity of 5.5 billion units of PET preforms, bottles and closures, totalling 76,000 tonnes of PET conversion each year.
Dilip Kumar Agarwal, Chief Executive of IVL, said the firm is delighted to expand into Vietnam, which is one of the region’s high-growth markets. Kumar added, “The acquisition will also enable us to better serve our large regional customers, many of which are major household brands who depend on a reliable, consistent supply of PET packaging products across the region.”
Ngoc Nghia’s existing team’s extensive local market knowledge will be further augmented by leadership from IVL’s PET packaging business unit, bringing a combination of local, regional and global expertise to the market.
