Iskandar323 (talk | contribs) Consolidating nebulous company statements about different acquisitions into a single "history" section |
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{{short description|Thai chemical company}} |
{{short description|Thai chemical company}} |
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{{Multiple issues |
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{{Infobox company |
{{Infobox company |
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| name |
| name = Indorama Ventures |
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| logo |
| logo = Indorama_Ventures_logo.svg |
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| type |
| type = [[Public company|Public]] |
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| traded_as |
| traded_as = {{SET|IVL}} |
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| predecessor |
| predecessor = |
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| successor = |
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| founder |
| founder = [[Aloke Lohia]] |
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| location_country = [[Thailand]] |
| location_country = [[Thailand]] |
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| locations |
| locations = |
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| homepage |
| homepage = {{URL|indoramaventures.com}} |
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'''Indorama Ventures |
'''Indorama Ventures''' (IVL) is a producer of intermediate [[petrochemical]]s industry, the world's largest producer of [[Polyethylene terephthalate|PET]] resins,<ref name="Forbes profile">{{cite web |title=Forbes profile: Aloke Lohia |url=https://www.forbes.com/profile/aloke-lohia/#1ad4d0941807 |website=Forbes |accessdate=3 January 2019}}</ref> and a manufacturer of [[wool]] [[yarn]]s established by [[Aloke Lohia]] in [[Bangkok]] in 1994. |
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==History == |
== History == |
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In 1995, IVL established its first [[Polyethylene terephthalate|PET]] resin facility in [[Thailand]].{{cn|date=October 2021}} |
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In 1995, IVL entered the [[petrochemical industry]] focusing on the [[polyester]] value chain business with the establishment of a [[Polyethylene terephthalate|PET]] resin facility in [[Thailand]]. |
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IVL entered into the polyester business in 1997 through the acquisition of Indo Poly, a polyester fiber plant in [[Thailand]]. |
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IVL's PET business was listed on the SET as Indorama Polymers Public Company Limited (IRP) in 2005. |
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It expanded into [[North America]] in 2003 by acquiring a StarPet facility, and into Europe in 2006, by establishing a PET facility under the company Orion Global.{{cn|date=October 2021}} |
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In 2008, the company acquired Tuntex Thailand, the largest polyester fiber producer in Thailand. |
In 2008, the company acquired Tuntex Thailand, the largest polyester fiber producer in Thailand. In 2009, merged its polyester operations into Tuntex and renamed the combined entity Indorama Polyester Industries.{{cn|date=October 2021}} |
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In 2009, Indo Poly transferred all of its assets to, and all of its liabilities were assumed by Tuntex Thailand, which was subsequently renamed Indorama Polyester Industries.<ref>IVL Annual Report 2015 pp. 59</ref> |
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The further expansion of manufacturing presence with the acquisition of two PET resin facilities from Eastman Chemical Company in Europe in 2008, and a Greenfield investment in the PET business with AlphaPet in [[North America]] in 2009. |
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⚫ | In November 2011, it acquired the PET and Polyester fibers recycling businesses of Wellman International in [[Europe]],{{cn|date=October 2021}} and in January 2012, IVL acquired FiberVisions Holdings, a manufacturer of specialty mono and [[bicomponent fiber]]s based in [[Duluth, Georgia|Duluth]], [[Georgia (U.S. state)|Georgia]], [[United States|USA]].{{cn|date=October 2021}} |
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⚫ | In the first half of 2011, IVL |
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⚫ | In November 2011, |
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PET production footprint was expanded to Africa by implementing the new solid state polymerization SSP plant in [[Nigeria]], which started commercial operations in 2012. |
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In 2012, PT Polypet Karyapersada which is located at Cilegon, [[Indonesia]], was acquired as IVL's PET production asset. |
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In 2012, IVL took another step upward to feedstock integration by the acquisition of Old World Industries I, Ltd. and Old World Transportation, a US producer of Mono Ethylene Glycol (MEG). |
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In At the beginning of 2014, the company extended the know-how obtained from Wellman International and commenced production of the recycled PET and fiber facility in [[Nakhon Pathom]], Thailand. |
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In 2014, Indorama ventures was ranked 47th in [[C&EN]] (Chemical and Engineering News)’s Global Top 50 of the world’s largest [[chemical]] producers.<ref name="C&EN’s Global Top 50">{{cite news|url=http://cen.acs.org/articles/92/i30/CENs-Global-Top-50-Chemical.html|title=C&EN's Global Top 50 Year 2014|publisher=C&EN|year=2015}}</ref> |
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In 2015, IVL has expanded its business into the [[Middle East]] following the acquisition of two PET plants in [[Turkey]], one in the southern region and one in northern region of [[Turkey]]. In May 2015, the Group also acquired a stake in Bangkok Polyester Public Company Limited, a PET producer in Thailand which further consolidated PET production in the local market. |
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and the largest polyester fiber producer in Thailand.<ref>‘Indorama agrees to acquire 94.91% stake in Bangkok Polyester’ 19 March 2015 (http://www.packaging-gateway.com/news/newsindorama-agrees-to-acquire-9491-stake-in-bangkok-polyester-4536200 )</ref> |
and the largest polyester fiber producer in Thailand.<ref>‘Indorama agrees to acquire 94.91% stake in Bangkok Polyester’ 19 March 2015 (http://www.packaging-gateway.com/news/newsindorama-agrees-to-acquire-9491-stake-in-bangkok-polyester-4536200 )</ref> |
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{{See also|List of companies operating in West Bank settlements}} |
{{See also|List of companies operating in West Bank settlements}} |
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On 12 February 2020, the [[United Nations]] published a [[List of companies operating in West Bank settlements|database]] of all business enterprises involved in certain specified activities related to the [[Israeli settlement|Israeli settlements]] in the [[Palestinian territories|Occupied Palestinian Territories]], including [[ |
On 12 February 2020, the [[United Nations]] published a [[List of companies operating in West Bank settlements|database]] of all business enterprises involved in certain specified activities related to the [[Israeli settlement|Israeli settlements]] in the [[Palestinian territories|Occupied Palestinian Territories]], including [[East Jerusalem]], and in the occupied [[Golan Heights]].<ref name="unlist_ohchr">{{cite news |date=12 February 2020 | title=UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory | url=https://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=25542 |work=[[Office of the United Nations High Commissioner for Human Rights]] | access-date=5 July 2021}}</ref><ref name="unlist_reliefweb">{{cite news |date=14 February 2020 | title=Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71) | url=https://reliefweb.int/report/occupied-palestinian-territory/database-all-business-enterprises-involved-certain-activities |work=[[ReliefWeb]] | access-date=5 July 2021}}</ref> Indorama Ventures and its subsidiary, Avgol Industries, have been listed on the database in light of their involvement in activities related to "the use of natural resources, in particular [[Israeli expropriation of Palestinian springs in the West Bank|water]] and [[Land expropriation in the West Bank|land]], for business purposes".<ref name="unlist_ohchr"/><ref name="unlist_reliefweb"/> The [[International Community|international community]] considers Israeli settlements built on [[Israeli-occupied territories|land occupied by Israel]] to be [[International law and Israeli settlements|in violation of international law]].<ref name=unsc2334>{{cite news |date=23 December 2016 | title=S/RES/2334(2016) | url=https://undocs.org/S/RES/2334(2016) |work=[[United Nations Security Council]] | access-date=5 July 2021}}</ref><ref name=icj_settlements>{{cite news |date=9 July 2004 | title=Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory | url=https://www.icj-cij.org/public/files/case-related/131/131-20040709-ADV-01-00-EN.pdf |work=[[International Court of Justice]] | access-date=5 July 2021}}</ref><ref name=icc_settlements>{{cite news |date=5 December 2001 | title=Conference of High Contracting Parties to the Fourth Geneva Convention | url=https://www.icrc.org/en/doc/resources/documents/statement/57jrgw.htm |work=[[International Committee of the Red Cross]] | access-date=5 July 2021}}</ref> In response to the listing, Indorama Ventures and Avgol announced that they are moving their operations outside of the [[West Bank]].<ref name=thaithenation>{{cite news |date=15 February 2020 | title=IVL to move its factory out of Jewish settlement in West Bank | url=https://www.nationthailand.com/in-focus/30382197 |work=The Nation Thailand | access-date=5 July 2021}}</ref> |
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==References== |
==References== |
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{{Reflist|2}} |
{{Reflist|2}} |
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{{Asia topic|List of companies of}} |
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[[Category:Chemical companies of Thailand]] |
[[Category:Chemical companies of Thailand]] |
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[[Category:Companies listed on the Stock Exchange of Thailand]] |
[[Category:Companies listed on the Stock Exchange of Thailand]] |
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[[Category:Companies in the SET50]] |
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[[Category:Manufacturing companies based in Bangkok]] |
[[Category:Manufacturing companies based in Bangkok]] |
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[[Category:Chemical companies established in 1994]] |
[[Category:Chemical companies established in 1994]] |
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[[Category:Thai companies established in 1994]] |
[[Category:Thai companies established in 1994]] |
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[[Category: |
[[Category:Lohia family]] |
Latest revision as of 11:41, 20 March 2024
Company type | Public |
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SET: IVL | |
Industry | Petrochemicals |
Founded | 1994 |
Founder | Aloke Lohia |
Headquarters | , |
Area served | Worldwide |
Key people | Aloke Lohia (Vice Chairman and Group CEO) |
Products | polyethylene terephthalate (PET), polyester fibers and yarns, wool yarns, purified terephthalic acid (PTA), ethylene oxide (EO), ethylene glycol (EG) |
Revenue | USD 21.5 Billion[needs update] |
Number of employees | 24,000[needs update] |
Divisions | Feedstock, PET, Fibers, Surfactants |
Website | indoramaventures |
Indorama Ventures (IVL) is a producer of intermediate petrochemicals industry, the world's largest producer of PET resins,[1] and a manufacturer of wool yarns established by Aloke Lohia in Bangkok in 1994.
History
IVL commenced business operations in 1994 with the establishment of the first worsted wool yarn producer in Thailand.[citation needed]
In 1995, IVL established its first PET resin facility in Thailand.[citation needed]
It expanded into North America in 2003 by acquiring a StarPet facility, and into Europe in 2006, by establishing a PET facility under the company Orion Global.[citation needed]
In 2008, the company acquired Tuntex Thailand, the largest polyester fiber producer in Thailand. In 2009, merged its polyester operations into Tuntex and renamed the combined entity Indorama Polyester Industries.[citation needed]
IVL became a public company on September 25, 2009. As of December 31, 2014, it was owned 99.99% by Canopus International, which is owned by Aloke Lohia and his immediate family and Sri Prakash Lohia and his immediate family.[citation needed]
In the first half of 2011, IVL completed further acquisitions of PET plants in China, Indonesia, Mexico, Poland and the USA, and became the world’s largest PET producer.[2]
In November 2011, it acquired the PET and Polyester fibers recycling businesses of Wellman International in Europe,[citation needed] and in January 2012, IVL acquired FiberVisions Holdings, a manufacturer of specialty mono and bicomponent fibers based in Duluth, Georgia, USA.[citation needed]
As of February 2021, IVL was the market leader in PET in the US,[3] and the largest polyester fiber producer in Thailand.[4]
Criticism
Involvement in Israeli settlements
On 12 February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements in the Occupied Palestinian Territories, including East Jerusalem, and in the occupied Golan Heights.[5][6] Indorama Ventures and its subsidiary, Avgol Industries, have been listed on the database in light of their involvement in activities related to "the use of natural resources, in particular water and land, for business purposes".[5][6] The international community considers Israeli settlements built on land occupied by Israel to be in violation of international law.[7][8][9] In response to the listing, Indorama Ventures and Avgol announced that they are moving their operations outside of the West Bank.[10]
References
- ^ "Forbes profile: Aloke Lohia". Forbes. Retrieved 3 January 2019.
- ^ "Bangkok Post article". Bangkok Post.
- ^ ‘Global PET (Resin) Market Report- 2012 Edition’ (http://www.researchandmarkets.com/research/7s3hzt/global_pet)
- ^ ‘Indorama agrees to acquire 94.91% stake in Bangkok Polyester’ 19 March 2015 (http://www.packaging-gateway.com/news/newsindorama-agrees-to-acquire-9491-stake-in-bangkok-polyester-4536200 )
- ^ a b "UN rights office issues report on business activities related to settlements in the Occupied Palestinian Territory". Office of the United Nations High Commissioner for Human Rights. 12 February 2020. Retrieved 5 July 2021.
- ^ a b "Database of all business enterprises involved in certain activities relating to Israeli settlements in East Jerusalem and the West Bank (A/HRC/43/71)". ReliefWeb. 14 February 2020. Retrieved 5 July 2021.
- ^ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
- ^ "Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory" (PDF). International Court of Justice. 9 July 2004. Retrieved 5 July 2021.
- ^ "Conference of High Contracting Parties to the Fourth Geneva Convention". International Committee of the Red Cross. 5 December 2001. Retrieved 5 July 2021.
- ^ "IVL to move its factory out of Jewish settlement in West Bank". The Nation Thailand. 15 February 2020. Retrieved 5 July 2021.