Indorama Ventures

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Indorama Ventures
TypePublic
SETIVL
IndustryPetrochemicals
Founded1994; 28 years ago (1994)
FounderAloke Lohia
Headquarters,
Area served
Worldwide
Key people
Aloke Lohia (Vice Chairman and Group CEO)
Productspolyethylene terephthalate (PET), polyester fibers and yarns, wool yarns, purified terephthalic acid (PTA), ethylene oxide (EO), ethylene glycol (EG)
RevenueIncrease USD 21.5 Billion[needs update]
Number of employees
24,000[needs update]
DivisionsFeedstock, PET, Fibers, Surfactants
Websiteindoramaventures.com

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[edit]

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[edit]

Involvement in Israeli settlements[edit]

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[edit]

  1. ^ "Forbes profile: Aloke Lohia". Forbes. Retrieved 3 January 2019.
  2. ^ "Bangkok Post article". Bangkok Post.
  3. ^ ‘Global PET (Resin) Market Report- 2012 Edition’ (http://www.researchandmarkets.com/research/7s3hzt/global_pet)
  4. ^ ‘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 )
  5. ^ 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.
  6. ^ 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.
  7. ^ "S/RES/2334(2016)". United Nations Security Council. 23 December 2016. Retrieved 5 July 2021.
  8. ^ "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.
  9. ^ "Conference of High Contracting Parties to the Fourth Geneva Convention". International Committee of the Red Cross. 5 December 2001. Retrieved 5 July 2021.
  10. ^ "IVL to move its factory out of Jewish settlement in West Bank". The Nation Thailand. 15 February 2020. Retrieved 5 July 2021.