Indorama Ventures PLC through its subsidiary Indorama Netherlands B.V. (IBV) from Hacı Ömer Sabancı Holding A.Ş. (Sabancı Holding) has finally under the financial advice of Standard Chartered Bank managed to take over 51% stakes of SASA a leading producer in the world for polyester staple fibers, filament yarns, polyester-based and specialty polymers and intermediates (DMT). As per the Turkish Capital Markets Legislation, the balance 49% SASA’s share on the Borsa Istanbul and IBV will run a mandatory tender offer.
SASA apart from being a leading Polyester and PET producer, it is richly intrinsic with technology and competency which will be complementary to Indorama Ventures. SASA is now supplying 150 different types of products to over 54 countries. Moreover, Turkey’s unique geographical position spanning Europe, North Africa, Central Asia and Middle East offers the potential for faster growth in both the domestic and export markets to neighboring countries and Europe.
SASA has its own raw material production plant. The DMT plant production has capacity of 60.000 tons/year. A great majority of DMT is used in domestic consumption, SASA supplies both high quality, high value added products to both Turkish and European markets.
The acquisition is in line with Indorama’s three dimensional strategic plans to expand broadly into fast-growing underserved markets, horizontally into high value add (HVA) products to offer a deeper portfolio of products to their customers and vertically integrating into their feedstock as SASA has onsite feedstock.
According to Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited, SASA is an elating addition it the portfolio of Indorama Ventures’ that gives them extensive geographic expansion into a new and fast-expanding market and territory. The company is a well-known producer in Turkey and an excellent move into the Turkish market, allowing them to leverage its HVA production facilities to provide advantaged portfolio extensions for current and new customers. Turkey offers them the potential for expansion of domestic sales and opens up the opportunity to sell into the surrounding underserved region.
Also Turkish textile segment is an important area of the economy exporting to the key European market and on continual growth.
Above all, the Turkish textile segment which is an important area of the economy exporting to key European market. Indorama foresees it, as a big asset for their expansion into the Turkish market and will as well be a good fit for their other expansion plans in the region.
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