Indorama Ventures (IVL, Bangkok / Thailand; www.indorama.net) has backed away from the long-planned acquisition of 51% of Adana / Turkey-based polyester and PET producer Sasa Polyester Sanayi (www.sasa.com.tr). After clinching the deal for the new 252,000 t/y PET plant built by Polyplex (Gautam Budh Nagar / India; www.polyplex.com) in Corlu – see Plasteurope.com of 12.01.2015 – Indorama said it wants to concentrate on its PET business.

In April 2014, the Dutch subsidiary of the world’s largest PET producer agreed to the deal with Turkish conglomerate Haci Ömer Sabanci Holding (www.sabanci.com) – see Plasteurope.com of 15.04.2014. In a statement to the Istanbul stock exchange on 14 January, however, it announced it was pulling out. Under the original terms, the Thai group was to initiate a mandatory tender offer for the shares. Without giving further details, the companies told Turkish media they had “mutually agreed” to abandon the deal.

Altogether, Sasa produces around 600,000 t/y of polyester products. Besides 280,000 t/y of feedstock DMT, its portfolio includes fibres and yarns for textile and automotive tyre applications. Many of the businesses originally belonged to DuPont, which formed a 50:50 joint venture with Sabanci in 2004 prior to quitting the polyester business altogether – see Plasteurope.com of 28.10.2004.