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Indorama Ventures Public Company Limited announced today that it has signed a definitive agreement to acquire PET polymer and resins manufacturing facility located in Spartanburg, SC, and Queretaro, Mexico from certain subsidiaries of INVISTA BV

The total value of the acquisition will be $ 420 million under certain other expenses, and includes $ 229 million to net fixed assets and investments, as well as 174 million U.S. dollars for net working capital of the company, under Subject to customary adjustments at closing. The transaction should be financed through a combination of cash, amounts available under existing credit facilities and additional debt. The parties expect the transaction will close in the first quarter of 2011, pending receipt of necessary regulatory approvals.

INVISTA is Spartanburg, South Carolina plant produces polyester resins used in bottles for soft drinks, water, beer, fruit juice, and wine, and custom container applications, and polyester staple fibers, specialty polymers food for a variety of applications. The operation of Spartanburg has a total capacity of 470 KMT year. Approximately 490 people are employed at the site.

INVISTA Queretaro, Mexico plant produces polyester resins and polyester staple similar to that produced in Spartanburg operation of INVISTA. Queretaro has a total capacity of 535 KMT year. Approximately 510 people are employed at the site.

Indorama Ventures positions combination as the main global producer of PET and VILI can better meet the needs of its customers. In North America, the full acquisition Indorama Ventures PET existing manufacturing site in Asheboro, NC (StarPET) and its state of the art-MTR PET resin plant in Decatur, Alabama (AlphaPET). Additional benefits for IVL will:

* Access to new customers and markets through Queretaro
* Entry into the U.S. market through specialized PET fibers Spartanburg
* Improved capacity for research and development
* Take advantage of integration with existing installations of IVL, including AlphaPET and StarPET
* Increased production flexibility


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The transaction should be accretive to earnings in the IVL first full year of acquisition (before synergies). Indorama Ventures believes that there is another opportunity to create value for its shareholders through the realization of synergies.

"We believe that companies and Spartanburg INVISTA Queretaro Indorama Ventures complement existing U.S. business," said Chris Hamman, president of INVISTA Resins & Polymer. "I want to thank and congratulate all staff involved in INVISTA our polymers and resins business for their dedication throughout this process and to build a company that offers both skill of innovation and value to its customers."

"This acquisition will enable IVL to leverage our global platform to expand, making the company the largest producer of PET in the world, and deliver on our strategy to enter new areas of growth over high, such as Central and Latin America, "said Aloke Lohia, Group CEO of Indorama Ventures. "We believe that these valuable assets to strengthen our own capabilities and strengthen our ongoing commitment to the PET fiber and businesses. We are very pleased that millions of tonnes opportunities are rarely available. In addition, innovative products of INVISTA and a recognized brand Indorama Ventures will improve its value proposition to its customers and stakeholders, given the depth of management and knowledge residing in these facilities supporting manufacturing, R & D and post- consumer recycling (PCR), "said Lohia.

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It is currently anticipated that substantially all of INVISTA Polymer and Resins operations, marketing, sales, customer service and personal development and associated research and Queretaro operations in Spartanburg will be employed by Indorama after the sale closes, with INVISTA Polymer & "staff resins associated with this part of the company based in the corporate offices in Charlotte, North Carolina, and Santa Fe, Mexico.

INVISTA Polymer and 'resins Wilmington, NC site is not part of the transaction, nor INVISTA Resins & European Polymer business, which includes manufacturing operations Gersthofen, Germany. INVISTA also retain certain intellectual property related to the polymer and resins business.

Deutsche Bank Securities Inc. acted as exclusive financial advisor, Lowenstein Sandler PC acted as lead counsel, and Jáuregui Navarrete y Nader, SC was Counsel Mexican IVL on this transaction. On behalf of INVISTA Stanley, Morgan & Co. Incorporated acted as exclusive financial advisor and Latham & Watkins LLP acted as lead counsel.

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Indorama double its capacity in Rotterdam, Netherlands

The Thai producer of polyethylene terephthalate (PET), Indorama Ventures, has announced the upcoming event of a new production line at its facility in Rotterdam, the Netherlands. This extension will add 190 kilotonnes (kt) per year to the site, bringing its capacity to 390 kt. The production tool should be operational in the first quarter of 2012. This transaction will allow Indorama to strengthen the European market. Moreover, production of PET society will be fully integrated to 350 kt per year of terephthalic acid (PTA), the PET raw material already produced on site in Rotterdam. Indorama hopes to achieve economies of scale. The plant in the Netherlands was acquired in 2008 by the American Eastman Chemical.

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