Thai PET producer Indorama Ventures has signed an agreement to buy Wellman International's recycling unit and related firm MJR Recycling from holding company Aurelius.
Indorama said the acquisition, which is expected to be completed by the end of 2011, aims to meet consumer demand for more recycling of post consumer products and pursue customers' sustainability needs.
Group CEO Aloke Lohia said the target acquisition will help to make Indorama a 'zero waste' company with a low carbon footprint.
Wellman International has three production facilities in Europe with over 153,000t of output a year. It recycles PET bottles, as well as produces polyester staple fibre products and rPET.