INDORAMA POLYMERS PUBLIC COMPANY LIMITED
Previous company name
Name change date
Indorama Polymers Public Company Limited, formerly known as Indo Pet (Thailand), is engaged in the manufacture and sale of solid-state polymerized chips, poly ethylene terephthalate (PET) pre-forms, and closures worldwide. PET polymers are used to manufacture packaging material for carbonates soft drinks, water, energy drinks, iced tea, juices, and other beverages and liquids. The company was incorporated in the year 1995 and has its registered head office located in Bangkok, Thailand. It is listed on the Bangkok Stock Exchange under the ticker symbol IRP.
Indorama Polymers PCL offers amorphous and bottle-grade resin chips, as well as blown bottles. The company operates manufacturing plants in the continents of Asia, Europe, and North America. It is one of the leading manufacturers of PET polymers in the world. The company’s goal is to maintain and reinforce its leading position as a global producer with key focus on people and processes.
Indorama Polymers PCL operates as a subsidiary of Beacon Global Limited.
The Company’s principal activities are the manufacture and sale of solid-state polymerised chips, generally known as bottle-grade chips, polyethylene terephthalate (“PET”) preforms and closures.
Description and history
The Company is incorporated in Thailand and has its registered office at 75/100 Ocean Tower II, 37th Floor, Sukhumvit 19, Asoke Road, Bangkok, Thailand.
The principal activities of the Company are the manufacture and sale of solid-state polymerised chips, generally known as bottle-grade chips, polyethylene terephthalate (“PET”) preforms and closures.
1995: Birth of a new organization – Indorama Polymers Public Company Limited (IRP), formerly known as Indopet (Thailand) Ltd., is set up. It is granted a promotion certificate by the Board of Investment (BOI) for PET polymers production. Commercial operations begin in the month of November. It was the first manufacturer of PET polymers in Thailand.
1996: Joining Hands for a brighter future – IRP and Serm Suk Public Company (the Pepsi bottler in Thailand) set up a joint venture called Petform (Thailand) Limited to manufacture PET Preforms and HDPE Closures. IRP has
60 % (on set-up 51% and increased in year 2007) shareholding in the new entity.
1998: A Fruitful Beginning – Petform kicks off its commercial production in February. The annual production capacity is 68 million Preforms. Production of HDPE Closures starts in November 1999 with a production capacity of 180 million pieces per year.
2001: A New Entrant – Petform adds another Preform production line with a capacity of 71.50 million Preforms per annum in November, 2001. Production capacity for Preforms increases from 68 million to 139.5 million units per annum.
2002: The Success Continues – Increase in domestic and export demand for PET Polymers coupled with an established customer base helps IRP to debottleneck its production capacity from 21,600 tons to 36,000 tons per annum.
2003: Moving Ahead – Production of Preforms increases from 139.5 million units to 244.0 million units as Petform increases its Preforms production to cater to increase in demand from domestic and export customers. IRP capacity was increased to 90,000 tons per annum.
2004: Expanding the Horizons- Petform increases its production capacity of Closures from 180 million to 360 million units per year. It also decides to produce Closures for water bottles.
In September, IRP acquires AsiaPet and StarPet. With these two acquisitions, IRP becomes the operating and holding company of the PET polymers business with StarPet, Asia Pet and Perform as its fully owned subsidiaries. To further consolidate its position and make its presence in the European market, IRP acquires UAB Orion Global Pet, which is in the process of setting-up a greenfield PET polymers production facility in Lithuania, Europe with a capacity of 198,000 tons per annum.
2005, Milestone Achieved and Roadmap Set – IRP completed initial public offering of 320 million shares to raise Baht 1,200 million in July, 2005. IRP received overwhelming response from investors both institutional and retail. The shares of IRP were listed and started trading on The Stock Exchange of Thailand (‘SET’) on August 2, 2005. The market capitalization on listing of Baht 5,183 million
In May, StarPet commissioned 36,000 tons of PET polymers expansion to raise capacity from 80,000 to 116,000 tons per annum.
2006: European Chapter – October 2006, IRP foothold in Europe with the commissioning of a green field project in Lithuania with a capacity of 198,000 tons per annum of PET polymers by its subsidiary UAB Orion Global Pet.
Petform adds new product line of PET bottles and completes capacity expansion of Preforms and Closures. The capacity of Preforms increases from 224.0 million units to 407.0 million units, Closures increases from 360 million units to 540 million units per annum and adds capacity for PET bottles of 180 million units. This will enable it to service increase in demand from domestic and export customers.
IRP is selected to become the member of SET 100 Index, an index of major listed companies on the Stock Exchange of Thailand. IRP market capitalization above Baht 10,000 million.
2007: Increases presence in North America and Thailand – StarPet Inc., USA completes capacity expansion at the end of March, 2007 of Amorphous PET polymers and PET polymers to 225,000 tons per annum.
IRP completes capacity expansion to raise capacity for PET polymers to 180,000 tons per annum at the existing site in Lopburi. Expanded capacity starts commence operations at the end of June, 2007.
Asia Pet implementing expansion to raise capacity of Amorphous PET polymers to 180,000 tons per annum at the existing site in Lopburi. Expanded capacity will match with requirements for production of PET polymers in IRP. Expanded capacity to commence operations in the middle of 2008.
Petform implementing expansion plans to raise capacity of Preforms, PET bottles and Closures in line with rising demand from its domestic and export customers. IRP acquired additional shares in Petform from other shareholders to increase its equity holding from 51% to 60%.
2008: Implement strategic growth initiatives taken in Europe and North America – In December, 2007, IRP entered into a sale and purchase agreement to acquire two PET polymers plants from Eastman Chemicals Inc. in Europe. The two PET polymers plants are in operation and are located in Rotterdam, Netherlands (capacity 200,000 tons per annum) and Workington, United Kingdom (capacity 155,000 tons per annum). The acquisition is an asset acquisition and for the purpose of acquisition new wholly owned subsidiaries registered. The acquisition completed at the end of March, 2008.
In middle of year 2007, IRP announced to set-up a new greenfield plant for PET polymers with a capacity of 432,000 tons per annum in USA, North America. AlpahPet Inc. a wholly owned subsidiary registered in USA to take-up the project. The plant location is next door to PTA (a raw material) plant of BP Chemicals in Decatur, Alabama, USA. The total demand in North American market is around 4 million tons and growing by 6-7% per annum. The site work is in progress and plant installation will complete in quarter 1, 2009.
IRP, a leading global producer of PET polymers with a total capacity of 958,000 tons per annum with completion of the acquisition of two PET polymers plants in Europe. The total capacity for PET polymers will further increase to 1,390,000 tons per annum at the end of quarter 1, 2009.
Formerly known as Indo Pet (Thailand)
Engaged in the manufacture and sale of solid-state polymerized chips, poly ethylene terephthalate (PET) pre-forms, and closures worldwide
KPMG PHOOMCHAI AUDIT LTD.
US SIC Code
OCEAN TOWER 2, FLOOR 37, 75/102, 103
19, SOI SUKHUMVIT, KLONGTOEY NUER, WATTHANA
City province or state postal code
Phone: +66 2 661 6661
Fax: +66 2 661 6664
Country address: THAILAND
Website url: www.indoramapolymers.com