Lowenstein Sandler represented its longtime client, Indorama Ventures Public Company Limited (BKK:IVL), Thailand’s leading global chemical company, in the $2 billion acquisition of the specialty chemicals portfolio of Huntsman Corporation USA (NYSE:HUN).
The transaction closed today and is the largest acquisition ever made by Indorama. This deal includes the acquisition of five manufacturing sites, including a large flagship site on the U.S. Gulf Coast at Port Neches, as well as Chocolate Bayou and Dayton in Texas, Ankleshwar in India, and Botany in Australia. The deal brings enhanced R&D and technical capabilities to Indorama’s portfolio of approximately 900 patents and other intellectual properties; it will further diversify Indorama’s geographic presence through unprecedented entry into global niche markets and industries serving consumers’ daily needs with home and personal care consumer goods, such as detergents, cleansers, shampoo, furniture applications, automotive parts fuels, and lubricants.
Lowenstein has now advised Indorama as lead counsel on the acquisition of a total of 16 facilities since 2003. Earlier deals include the company’s $1.125 billion joint venture to acquire a production facility from M&G Chemicals; its acquisition of M&G Polimeros Brazil S.A., owner of Brazil’s largest PET (polyethylene terephthalate) facility; its acquisition from BP Amoco Chemical Company of a 1,000-acre manufacturing facility located in Alabama; its acquisition of a facility located in Montreal, Canada, from subsidiaries of CEPSA and Investissement Quebec; and its $420 million acquisition of several manufacturing facilities from Invista B.V.
Aloke Lohia, Group CEO of Indorama Ventures, said, “I see this as IVL’s most strategic and ambitious deal as we set our goals and aspirations at the turn of this decade and as we groom ourselves into a global, diversified chemicals company with multiple integrated and related earning streams.”
The Lowenstein Sandler deal team included Nicholas San Filippo IV, Sam E. Khan, Jennifer Fiorica Delgado, Doreen M. Edelman, Andrew E. Graw, Nicholas G. Mehler, Christine Osvald-Mruz, Brian Silikovitz, Norman W. Spindel, Louis K. Rothberg, David Toma, Stuart S. Yusem, Matthew P. Hintz, Eric Jesse, Megan Monson, Justin Corbalis, Danielle M. Falzone, Chelsea P. Ferrette, Mark S. Heinzelmann, Mitchell McDonald, Sami Najib, Sunita Patel, Alex H. Rosenthal, and Kristin V. Taylor.