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Indorama PTA/PET closure and its consequences
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Report summary
On 5 April 2024, Indorama Ventures announced entering a consultation process to evaluate the future of its combined PTA (Purified Terephthalic Acid) and PET (polyethylene terephthalate) manufacturing site in Rotterdam, The Netherlands. Since then, a decision has recently been made to shutter the PET/PTA plant. The site was originally purchased from Eastman Chemical in 2008, who sold as part of a strategic retrenchment from the PET business outside the United States. Since the acquisition, Indorama ramped up production at Rotterdam from 190 ktpa to 426 ktpa with the introduction of a second line. Sixteen years on, with elevated production costs and an abundance of cheap imports entering the European market, the fate of the site echoed 2008 as talks of strategy within Indorama were underway. On 4 March 2024, Indorama unveiled its new IVL 2.0 strategy to adapt to industry conditions, whilst also highlighting the challenges faced in Western markets.
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