As predicted, Asia is shopping abroad. In the latest example, Thailand’s Indorama Ventures has agreed to buy Old World Industries’ Texas-based ethylene business for $795 million.
Indorama Ventures is a global leading producer in what it bills as the “polyester value chain”, which really means it makes polyester on an industrial level. And that goes into more than just clothing it is also used in the packaging, healthcare and automobile sectors.
While this may not sound sexy, the company employs 8,920 people worldwide and boasted consolidated revenues for the past 12 months of $5.5 billion, a tidy sum for a Thai company.