National law firm Lowenstein Sandler represented its longtime client, Indorama Ventures Public Company Limited (BKK:IVL), in a transaction in which Indorama Ventures participated in a joint venture to acquire a PTA-PET production facility in Corpus Christi, Texas, from M&G Chemicals. Indorama Ventures is a global chemicals producer based in Bangkok, Thailand.
Corpus Christi Polymers LLC – the joint venture between Indorama Ventures Corpus Christi Holdings LLC (a subsidiary of Indorama Ventures Public Company Limited), DAK Americas, LLC (a subsidiary of Mexican chemicals manufacturer Alpek S.A.B. de C.V. (BMV: ALFAA)), and APG Polytech USA Holdings, Inc. (a subsidiary of Far Eastern New Century Corporation (TT: 1402)) – acquired the production facility through a bankruptcy auction.
The purchase price and capital contributions totaled $1.125 billion.
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. PTA is purified terephthalic acid, a key ingredient in polyethylene terephthalate, commonly abbreviated PET, the most common form of polyester used in making containers as well as in various manufacturing applications.
Lowenstein Sandler has represented Indorama Ventures since 2003, advising the company on 10 transactions across the globe. Most recently, Lowenstein served as co-counsel to Indorama Ventures in its acquisition of M&G Polimeros Brazil S.A, the owner of the largest PET facility in Brazil, with a capacity of 550,000 metric tons per year. The Lowenstein team included Nicholas San Filippo IV, Sam E. Khan, and Nicholas G. Mehler.
Together these transactions enhance Indorama’s status as a leading participant in the global PET market by furthering the company’s strategic expansion in the Americas.