This article needs additional citations for verification .(October 2021) |
Company type | Public |
---|---|
SET: IVL | |
Industry | Petrochemicals |
Founded | 1994 |
Founder | Aloke Lohia |
Headquarters | , |
Area served | Worldwide |
Key people | Aloke Lohia (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 | USD 21.5 Billion[ needs update ] |
Number of employees | 24,000[ needs update ] |
Divisions | Feedstock, PET, Fibers, Surfactants |
Website | indoramaventures |
Indorama Ventures (IVL) is a producer of intermediate petrochemicals industry, the world's largest producer of PET resins, [1] and a manufacturer of wool yarns established by Aloke Lohia in Bangkok in 1994.
IVL commenced business operations in 1994 with the establishment of the first worsted wool yarn producer in Thailand.[ citation needed ]
In 1995, IVL established its first PET resin facility in Thailand.[ citation needed ]
It expanded into North America in 2003 by acquiring a StarPet facility, and into Europe in 2006, by establishing a PET facility under the company Orion Global.[ citation needed ]
In 2008, the company acquired Tuntex Thailand, the largest polyester fiber producer in Thailand. In 2009, merged its polyester operations into Tuntex and renamed the combined entity Indorama Polyester Industries.[ citation needed ]
IVL became a public company on September 25, 2009. As of December 31,2014, [update] it was owned 99.99% by Canopus International, which is owned by Aloke Lohia and his immediate family and Sri Prakash Lohia and his immediate family.[ citation needed ]
In the first half of 2011, IVL completed further acquisitions of PET plants in China, Indonesia, Mexico, Poland and the USA, and became the world's largest PET producer. [2]
In November 2011, it acquired the PET and Polyester fibers recycling businesses of Wellman International in Europe,[ citation needed ] and in January 2012, IVL acquired FiberVisions Holdings, a manufacturer of specialty mono and bicomponent fibers based in Duluth, Georgia, USA.[ citation needed ]
As of February 2021, IVL was the market leader in PET in the US, [3] and the largest polyester fiber producer in Thailand. [4]
On 12 February 2020, the United Nations published a database of all business enterprises involved in certain specified activities related to the Israeli settlements in the Occupied Palestinian Territories, including East Jerusalem, and in the occupied Golan Heights. [5] [6] Indorama Ventures and its subsidiary, Avgol Industries, have been listed on the database in light of their involvement in activities related to "the use of natural resources, in particular water and land, for business purposes". [5] [6] The international community considers Israeli settlements built on land occupied by Israel to be in violation of international law. [7] [8] [9] In response to the listing, Indorama Ventures and Avgol announced that they are moving their operations outside of the West Bank. [10]
Israeli settlements, also called Israeli colonies, are the civilian communities built by Israel throughout the Israeli-occupied territories. They are populated by Israeli citizens, almost exclusively of Jewish identity or ethnicity, and have been constructed on lands that Israel has militarily occupied since the Six-Day War in 1967. The international community considers Israeli settlements to be illegal under international law, but Israel disputes this. In 2024, the International Court of Justice (ICJ) found in an advisory opinion that Israel's occupation was illegal and ruled that Israel had "an obligation to cease immediately all new settlement activities and to evacuate all settlers" from the occupied territories. The expansion of settlements often involves the confiscation of Palestinian land and resources, leading to displacement of Palestinian communities and creating a source of tension and conflict. Settlements are often protected by the Israeli military and are frequently flashpoints for violence against Palestinians. Furthermore, the presence of settlements and Jewish-only bypass roads creates a fragmented Palestinian territory, seriously hindering economic development and freedom of movement for Palestinians.
Polyethylene terephthalate (or poly(ethylene terephthalate), PET, PETE, or the obsolete PETP or PET-P), is the most common thermoplastic polymer resin of the polyester family and is used in fibres for clothing, containers for liquids and foods, and thermoforming for manufacturing, and in combination with glass fibre for engineering resins.
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Although PET is used in several applications, as of 2022 only bottles are collected at a substantial scale. The main motivations have been either cost reduction or recycle content of retail goods. An increasing amount is recycled back into bottles, the rest goes into fibres, film, thermoformed packaging and strapping. After sorting, cleaning and grinding, 'bottle flake' is obtained, which is then processed by either:
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Aloke Lohia is an Indian billionaire businessman, and the founder and CEO of Indorama Ventures.
Sri Prakash Lohia is an Indian-born Indonesian billionaire businessman, and the founder and chairman of Indorama Corporation, a diversified petrochemical and textile company.
Indorama Corporation is a Singapore-based corporate group with origins as Indorama Synthetics, established in 1975 in Indonesia. It manufactures polyethylene, polypropylene, polyester fibre, Spandex filament, spun yarns, fabrics, and other products. It has a presence in several countries and is a major producer of polyolefins.
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Mohan Lal Lohia was an Indian businessman and business magnate, who founded the Indorama Corporation and the Lohia Foundation.
The Lohia family is a business family of Indian origin, doing business in the textile and petrochemicals industries under the umbrella corporate name Indorama. They own Indonesia/Singapore-based Indorama Corporation and Thailand-based Indorama Ventures; further, they were ranked by Forbes as the 29th richest family in Asia in 2017.