Lowenstein represented Indorama Ventures (BKK: IVL), a global chemicals producer, in the completion of its acquisition of CarbonLite Holdings’ facility in Texas as part of IVL’s commitment to increasing PET recycling capacity.
Now known as Indorama Ventures Sustainable Recycling (IVSR), the Dallas site is one of the largest producers of food-grade recycled pellets (Recycled Polyethylene Terephthalate or rPET) in the United States, with a combined capacity of 92,000 tons annually. The facility will recycle more than 3 billion PET plastic beverage bottles per year and support more than 130 jobs directly. IVL is the world’s largest producer of recycled PET for beverage bottles. With this acquisition, IVL expands its U.S. recycling capacity to 10 billion beverage bottles per year, towards its global target of recycling 50 billion bottles (750,000 metric tons) annually by 2025.
Thailand-based Indorama Ventures entered the U.S. PET market in 2003. In 2019, the company acquired recycling facilities in Alabama and California, bringing a circular business model to its U.S. operations. The new acquisition in Texas allows IVL to better serve customers’ increasing need for recycled PET for beverage bottles. America’s leading beverage companies have launched the ”Every Bottle Back” project to support the circular plastics economy by reinforcing the value of their fully recyclable PET bottles among consumers.
Lowenstein Sandler has represented Indorama in such other transactions as the $2 billion acquisition of the specialty chemicals portfolio of Huntsman Corporation USA (NYSE:HUN) (named to the Americas Awards 2020 short list of nominees for M&A Deal of the Year by International Financial Law Review (IFLR)); its joint venture to acquire a PTA-PET production facility in Corpus Christi, Texas, from M&G Chemicals for a purchase price and capital contributions totaling approximately $1.125 billion (recognized by The M&A Advisor’s Turnaround Awards as Cross-Border Restructuring of the Year and Restructuring Deal of the Year); its acquisition of M&G Polimeros Brazil S.A., owner of Brazil’s largest PET (polyethylene terephthalate) facility; its acquisition from BP Amoco Chemical Company of a 1,000-acre manufacturing facility located in Alabama; its acquisition of a facility located in Montreal, Canada, from subsidiaries of CEPSA and Investissement Quebec; and its $420 million acquisition of several manufacturing facilities from Invista B.V.
The Lowenstein Sandler deal team included Nicholas San Filippo IV, Sam E. Khan, Mitchell McDonald, Danielle M. Falzone, Diana Kim, Emily B. Sklar, Megan Williams, and Latoya Bethune (Corporate); Robert M. Hirsh and Jeremy D. Merkin (Bankruptcy & Restructuring Department); Brian A. Silikovitz, Kristin V. Taylor, and Sartaz Singh (Tax); Norman W. Spindel and Zachary L. Berliner (Environmental Law & Litigation); Stuart S. Yusem and Stephen Tanico (Real Estate); Megan Monson and Taryn E. Cannataro (Employee Benefits & Executive Compensation); Bryan Sterba, Jenna-Marie Tracy, and Oluwaseyi O. Amorin (Emerging Companies & Venture Capital (fka, The Tech Group)); Edgar R. Hidalgo CIPP/US (Privacy & Cybersecurity); Doreen M. Edelman, Abbey E. Baker, and Christian C. Contardo (Global Trade & Policy); and Eric Jesse (Insurance Recovery).
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
