April 09, 2024 [Indian Chemical]- Indorama Ventures’ Combined PET business segment will enter into a consultation process with representatives of site employees to evaluate the possible future for production activities at its PTA (Purified Terephthalic Acid) and PET (Polyethylene terephthalate) plants, located at its integrated production site in Rotterdam, Netherlands.
The evaluation follows a comprehensive review aimed at bolstering the site’s competitiveness.
Commenting on the decision, DK Agarwal, Deputy GCEO and President of Indorama Ventures’ Combined PET Business Segment stated, “The challenging macroeconomic environment, coupled with escalating geopolitical tensions and inflationary pressures, underscores the imperative for businesses to navigate wisely. In light of these factors and the ongoing structural transformations in our industry, we believe that a deep review of all our asset portfolio needs to be done jointly with all our stakeholders.”
“Indorama Ventures’ global footprint has always been a competitive advantage ensuring reliable service to customers worldwide and it will continue to do so. Taking decisive action in this regard aligns with our strategic goals as we continually seek avenues to enhance value and bolster our cost competitiveness.”
The company will focus on mitigating negative impact and providing care and support for any affected people.
This update follows the company’s announcement of ‘IVL 2.0’ earlier in 2024, signaling a new strategic chapter focused on optimizing financial structures, fostering organic growth, and delivering enhanced value to customers through sustainable solutions.
Indorama Ventures is a global leader in PET production, with operations spanning Asia, Europe, and the Americas.
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