Indorama saves polyester giant Arlant
Arlant PTA, created by Spanish firm La Seda for a petrochemical project in Sines has been rescued by the Thai company Indorama.
Launched in 2008, Arlant went from a National Interest project to one under a Special Revitalisation Process which finally ended in bankruptcy owing many million euros. Among the creditors is Caixa Geral de Depósitos (CGD) which carried the heaviest debt burden.
Arlant PTA, a Portuguese petrochemical plant, has been taken over by the Thai company Indorama Ventures Public Company Limited, founded by Indian businessman Aloke Lohia, is one of the world’s leading producers in the intermediate petrochemicals industry and a leading producer of synthetic fibres and yarns.
IVL has acquired the assets of Arlant PTA, S.A. including all equipment, surface rights and employment contracts. Arlant is a Purified Terephthalic Acid (PTA) plant in the Sines Industrial Complex is a large PTA producer in Europe with a production capacity of 700,000 tonnes per annum.
PTA is used a raw material for PET (Polyester) production. The company’s strategy is use Arlant as a solid basis for its portfolio expansion, reduce costs and increase operational synergies via internal supply of feedstock and replace imports in Europe.
“Arlant fortifies our core PTA business and is a part of our successful vertical integration strategy,” Aloke Lohia, CEO of Indorama Ventures, said. “We are confident that Arlant will drive the growth of the polyester business both in Portugal and Europe.”