Indorama Ventures Public Company, a global chemical producer, has announced that it has entered into an agreement to acquire DuPont Teijin Films a global producer of polyethylene films.
Indorama is based in Thailand. The company has U.S. operations in Virginia.
The transaction is expected to be completed during late 2017 or early 2018, subject to regulatory approvals. Financial terms were not disclosed.
DuPont Teijin Films (DTF) is a 50-50 joint venture between DuPont and Teijin Limited based in Japan. The group specializes in film products for the specialty, industrial, packaging, automotive, advanced magnetic media, photo systems, electrical and electronics markets, and other areas.
Included in the transaction are manufacturing and R&D operations associated with four joint ventures in the United States, United Kingdom, Luxembourg, and Hong Kong (DTFC), which includes two joint ventures in China as well as sales and technical capabilities, intellectual property, licenses and the Melinex and Mylar registered brands.
Commenting on the acquisition, Aloke Lohia, Group CEO of Indorama Ventures, said, “This acquisition marks a new chapter for IVL. It is the next step in creating a leading position for customer solutions in films. DTF provides prudent growth in an industry related to our core businesses and is a strong foundation for future growth. DTF has a strong history of R&D with over 700 patents, which makes it a strategic fit with our own innovation capabilities.”
“We believe in diversity as a core value of the Company and we look forward to welcoming DTF’s strong management team and talented employees into our family, Lohia added.
Goldman Sachs & Co. LLC is serving as joint financial advisor to DuPont and Teijin. Eckert Seamans Cherin & Mellott LLC is serving as legal advisor to DuPont. Terralink Advisors Inc. is serving as financial advisor, and Morrison & Foerster LLP is serving as legal advisor to Teijin.
More information is available at www.indoramaventures.com
