PET-packaging – Ukraine-war 26-04-2022
PET-packaging – Ukraine-war
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The company says its presence in Vietnam expands its offering to major customers across the region.
Indorama Ventures Ltd. (IVL), a sustainable chemical company based in Bangkok, completed the acquisition of Ngoc Nghia Industry (NN), a polyethylene terephthalate (PET) packaging company based in Ho Chi Minh, Vietnam. IVL purchased 97.8 percent of Ngoc Nghia for a total payment of 2,091,974,786,376 Dong (about $91,063,662.45) PET-packaging – Ukraine-war
IVL says the acquisition will boost its market position as it expands its integrated offering of PET products to multinational customers in the region.
“We are glad to embark on our journey in Vietnam, which is one of the high-growth markets in the region,” says D.K. Agarwal, CEO of IVL. “This acquisition is complementary to our long-term strategy of extending our global footprint and resilient business platform. With long-standing experience in the integrated PET business, IVL will bring more competitive advantages to NN. The development will also enable us to better serve our large regional customers, many of which are major household brands who depend on a reliable, consistent supply of PET packaging products across the region.”
IVL says Ngoc Nghia is a trusted market leader in PET, preforms and closures. It has long-term partnerships with major global and Vietnamese brands in the beverage and nonbeverage industries. NN operates four manufacturing facilities in Vietnam with a total production capacity of 5.5 billion units of PET preforms, bottles and closures, totaling 76,000 tons of PET conversion annually.
IVL plans to sustainably grow the business to better serve customers in Vietnam and IVL’s major PET packaging customers across the region, including global household beverage brands. PET-packaging – Ukraine-war
Ngoc Nghia’s family business roots, led by its founder for more than 30 years, were integral to IVL’s decision to invest in the company as a strategic match.
The Huhtamaki packaging group (Espoo, Finland; www.huhtamaki.com) has announced plans to sell its production facilities in Russia due to Moscow’s decision to invade Ukraine. PET-packaging – Ukraine-war
Huhtamaki has four production facilities in Russia, where it employs some 700 people. The company said last year net sales in Russia represented around 3% of group revenue, which was EUR 3.58 bn.
The packaging group, which employs around 18,600 people at some 80 locations worldwide, now wants to sound out the market for potential buyers. Business activities are expected to continue during at least part of the transition phase.
Huhtamaki entered the Russian market in 1980 to supply the Moscow Olympics with Finnish-made products. Production in Russia began in 1994 in Ivanteevka, near Moscow, where Huhtamaki currently manufactures both foodservice and fibre packaging such as egg cartons. The Alabuga site in Tatarstan started operations in 2016, initially as a production site for paper cups. PET-packaging – Ukraine-war
In addition to the aforementioned products, Huhtamaki’s portfolio includes cardboard and rigid plastic packaging solutions, and machines for filling and sealing.
PET-packaging – Ukraine-war