National law firm Lowenstein Sandler is representing its long-term client, Indorama Ventures Public Company Limited (BKK:IVL), in two separate but simultaneous transactions in which Indorama will participate in a joint venture to acquire one M&G Chemicals property and acquire an existing M&G Chemicals PET manufacturing facility in South America.
The most recent transaction involves Corpus Christi Polymers LLC—a new joint venture between Indorama Ventures Holdings LP (a subsidiary of Indorama Ventures Public Company Limited), Alpek, S.A.B. de C.V. (BMV: ALFAA), and Far Eastern Investment (Holding) Ltd. (a subsidiary of Far Eastern New Century Corporation (TT: 1402))—entering into an asset purchase agreement with M&G USA Corp. (a subsidiary of M&G Chemicals) to acquire, through a bankruptcy auction, M&G’s Corpus Christi, Texas-based PTA-PET plant. Currently under construction, the completed plant will be the largest, vertically integrated PTA-PET production facility of its kind anywhere in the world, with a capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively. The purchase agreement contemplates a purchase price and capital contributions in the sum of $1.125 billion. The transaction’s closing is subject to various conditions, including approval by the bankruptcy court and regulatory agencies. The Lowenstein team includes Nicholas San Filippo IV, Sam E. Khan, Paul Kizel, Stuart S. Yusem, Philip J. Gross, Eileen Overbaugh, and Angelo Cerimele.
Earlier this month, on March 16, 2018, our firm, serving as co-counsel, represented Indorama in the entering into of an acquisition agreement to acquire M&G Polimeros Brazil S.A, the owner of the largest PET (polyethylene terephthalate) facility in Brazil, with a capacity of 550,000 tonnes/annum. The transaction will enhance Indorama’s status as a leading participant in the global PET market by furthering the company’s strategic expansion into Latin America and other key regions. The transaction is expected to be completed in the second quarter of 2018, subject to regulatory approvals. Mattos Filho and Lowenstein Sandler represented Indorama on the transaction. The Lowenstein team includes Nicholas San Filippo IV, Sam E. Khan, Nicholas G. Mehler, and Angelo Cerimele.
Indorama Ventures, based in Bangkok, Thailand, is a global chemical producer and the world's only commercial manufacturer of NDC.