Indorama Ventures

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Indorama Ventures
Public
Traded as SET: IVL[1]
Industry Petrochemicals
Founded 1994 (1994)[2]
Founder Aloke Lohia
Headquarters Bangkok, Thailand
Number of locations
 54[3]
Area served
 Worldwide
Key people
 Aloke Lohia (Founder, Vice Chairman and Group CEO)
Products polyethylene terephthalate (PET), polyester fibers and yarns, wool yarns, purified terephthalic acid (PTA), ethylene oxide (EO), ethylene glycol (EG)
Revenue Increase THB 243.9 Billion (2014)[4]
Total equity Increase THB 75.6 Billion (2014)[4]
Number of employees
 14,000[3]
Divisions Feedstock, PET, Fibers and Yarns
Website www.indoramaventures.com

Indorama Ventures Public Company Limited, founded by Indian businessman Aloke Lohia, is one of the world's leading producers in the intermediate petrochemicals industry and a leading global manufacturer of wool yarns. The company is headquartered in Bangkok and started its operations in 1994.[2] The Company products are divided into three categories: feedstock, polyethylene terephthalate (PET) and fibers and yarns. As of March 23, 2015, the Company has 54 manufacturing sites in 19 countries crossing four continents: Asia, Europe, North America and Africa,[3] and is listed on the Stock Exchange of Thailand (SET).[1]

History

1990–2000

Indorama Ventures was founded in 1994 with the establishment of Indorama Holdings, the first worsted wool yarn producer in Thailand.[2] It entered the petrochemical industry in 1995 with the establishment of a PET resin facility and later expanded its manufacture to include PET preforms, bottles and closures.[2]

In 1997, the company acquired Indo Poly (formerly known as Siam Polyester), a polyester fiber facility in Thailand, to enter polyester fibers and yarns business.[2]

2001–2010

In 2003, Indorama Ventures grew its PET business internationally by acquiring StarPet, previously owned by Tiepet, in the United States.[2]

In 2007, the Company set up a new PET plant, AlphaPet in Alabama, the United States in August[5] and expanded into Europe with the construction Orion Global PET in Lithuania in November.[6]

In 2008, the Company acquired a polyester fiber plant from Tuntex Thailand in January[7] and two PET resin facilities in Europe from the Eastman Chemical Company in April.[8]

In 2009, the Company completed the construction of AlphaPet in Alabama, the United States. Its production started in October with the capacity of PET polymer of 432,000 tonnes.[9]

In 2010, the Company listed on the Stock Exchange of Thailand with SET ticker: IVL in February.[10] The Company also acquired a business in Italy in March[11] and expanded PET production at Rotterdam in May.[12]

2011 – present

In 2011, the Company acquired Guangdong PET polymer in China in January;[13] assets and businesses belonging to INVISTA in the United States and Mexico in March;[14] 42% of a purified terephthalic acid (PTA) business in Indonesia called PT Polyprima Karyesreska in June;[15] the polyester staple fiber and specialty filament business of Trevira GmbH[16] in Germany in July.[17] In September, the Company shut down its operations in Lopburi, Thailand, due to flooding.[18] The Company then acquired the fiber manufacturing and recycling business of Wellman International[19] in Europe in December.[20]

In 2012, the Board of the Company approved to acquire mono and bi-component manufacturing business, FiberVisions,[21] based in Georgia, the United States in January[22] and Ethylene Oxide/Ethylene Glycol facility of Old World Industries,[23] based in Texas, the United States in February.[24] The Company reopened its plant in Lopburi, Thailand, after flood with partial resumption of operations.[25] The Company expanded its PET business into Africa though the construction of a PET plant in Port Harcourt, Nigeria in July[26] and acquired PET resin asset called Polypet in Indonesia in August.[27]

In 2013, the Board of Directors of the Company approved the acquisition of a packaging company in Nigeria in February[28] to help the company grow PET demand in Africa.

In 2014, the Company acquired 80% of PHP Fibers GmbH[29] and its subsidiaries in February[30] to enhance the company’s portfolio in high value-added (HVA) automotive and industrial products in North America, Europe and Asia. The Company also acquired a PET producer Artenius TurkPET, Turkey, in June[31] and constructed a new packaging in the Philippines[32] and commenced constructing one in Ghana.[33] The Company issued and allocated warrants[disambiguation needed] called IVL-W1[34] for 481,425,333 units and IVL-W2[35] for 370,314,284 units to its existing shareholders. The Company also announced the placement of its subordinated perpetual debentures for a total amount of 15,000 million baht.[36]

Board of Directors

As of December 31, 2014,[37] board members of Indorama Ventures are:

  • Mr. Aloke Lohia, Group CEO
  • Mr. Sri Prakash Lohia, Chairman
  • Mrs. Suchitra Lohia, Director and Chairperson of Corporate Social Responsibility Committee
  • Mr. Dilip Kumar Agarwal, Director, Member of Sustainability Committee and CEO of PET and Feedstock Business
  • Mr. Udey Paul Singh Gill, Director, Member of Sustainability Committee and President of Polyester Business
  • Mr. William Heinecke, Independent Director and Chairman of Nomination, Compensation and Corporate Governance Committee
  • Mr. Rathian Srimongkol, Independent Director, Vice Chairman of the Board, Chairman of the Audit Committee and Member of Sustainability Committee
  • Mr. Apisak Tantivorawong, Independent Director
  • Mr. Amit Lohia, Non Executive Director
  • Mr. Siri Ganjarerndee, Independent Director and Member of Nomination, Compensation and Corporate Governance Committee
  • Mr. Sashi Pakash Khaitan, Director and President of Wool Business
  • Mr. Maris Samaram, Independent Director, Member of Audit Committee and Member of Sustainability Committee
  • Mr. Kanit Si, Independent Director and Member of Nomination, Compensation and Corporate Governance Committee
  • Mr. Russell Leighton Kekuewa, Independent Director and Member of Sustainability Committee

Shareholding

The total numbers of shares in IVL are 4,814,257,245 shares.[38] Indorama Resources Limited, Canopus International Limited and Mr. Aloke Lohia hold approximately 66.39% of the total shares (as included in the Section 258 of the Securities Exchange Act of related persons’ shareholding) while 33.61% are held by institutional and retail shareholders.

Listing

Indorama Ventures has been listed in the Stock Exchange of Thailand (SET) since February 5, 2010.[10] The Company once listed its subsidiary, Indorama Polymers (IRP), in SET in 2005 and delisted it in 2010.[2]

Awards/honors/recognitions

In November 2013, the Company received Board of the Year Award and Audit Committee of the Year Award[39] from the Thai Institute of Directors Association (IOD)[40] for outstanding implementation of good corporate governance.

In September 2014, the Company has been recognized as Forbes Asia Fab 50 Companies[41] and ranked 47th in C&EN (Chemical and Engineering News)’s Global Top 50 of the world’s largest chemical producers.[42]

In October 2014, the Company received Certification from Thailand’s Private Sector Collective Action Coalition against Corruption (CAC).[43] It is a project organized by the Thai Institute of Directors Association, the Thai Chamber of Commerce (TCC),[44] the Joint Foreign Chambers of Commerce (JFCCT),[45] the Thai Listed Companies Association,[46] the Thai Bankers’ Association,[47] the Federation of Thai Capital Market Organizations,[48] the Federation of Thai Industries[49] and the Tourism Council of Thailand[50] to award to companies who demonstrate their commitment to fighting against corruption.

In November 2014, the Company received the Outstanding Sustainability Report Award 2014,[51] organized by the Thai Listed Companies Association, the Securities and Exchange Commission[52] and Thaipat Institution,[53] as well as the CSR Recognition Award 2014[51] and the Top Corporate Governance Award 2014[51] organized by the Stock Exchange of Thailand.

Charity/CSR activities

In August 2014, the Company signed the memorandum of understanding (MOU) with Operation Smile Thailand,[54][55] to provide support for surgery on children with cleft lips and palates in the country.

See also

References

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  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ 3.0 3.1 3.2 Lua error in package.lua at line 80: module 'strict' not found.
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  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ 10.0 10.1 Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  19. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  27. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  28. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  29. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  30. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  31. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  32. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  33. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  34. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  35. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  36. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  37. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  38. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  39. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  40. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  41. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  42. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  43. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  44. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  45. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  46. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  47. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  48. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  49. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  50. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  51. ↑ 51.0 51.1 51.2 Lua error in package.lua at line 80: module 'strict' not found.
  52. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  53. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  54. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  55. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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