Global chemical producer Indorama Ventures Public (IVL) has closed the acquisition of Germany-based Invista Resins and Fibers.

This acquisition is aligned with IVL’s strategy to grow and support its customers’ needs with differentiated solutions in both packaging and industrial fibres.

Announced in December, the deal adds Invista’s Gersthofen value-added polyethylene terephthalate (PET) manufacturing facility to IVL’s portfolio.

Invista’s Gersthofen plant has a current annual production capacity of 282,000t and employs approximately 140 people.

The transaction also covers intellectual property rights for Polyshield Pet and Oxyclear Barrier Pet brands used for oxygen packaging, as well as Invista’s technology across all global markets to IVL’s portfolio.

According to the company, Polyshield Pet and Oxyclear Barrier Pet brands are suitable for the food and beverage industry and are claimed to extend the shelf life of juice, wine, beer, dairy, and ketchup.

“We are ready to seize global opportunities and create the greatest value for our customers and shareholders.”

Indorama Ventures group CEO Aloke Lohia said: “This is an exciting step forward that will lead us to further accelerate our transformation. We are ready to seize global opportunities and create the greatest value for our customers and shareholders.”

“We are excited to welcome the Invista team to the IVL family and look forward to growing the Polyshield Pet and Oxyclear Barrier Pet brands to their full potential.”

The deal offers IVL an advantage to grow its business in the oxygen barrier PET market and cater to the need for barrier resins from both existing and new customers globally.