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Business deals

Thai plastics producer Indorama to buy Vietnam bottle maker

Ngoc Nghia acquisition would expand presence in fast-growing market

Thailand-based Indorama is the world's top producer of PET, a resin used in plastic bottles. (Photo courtesy of Indorama)

BANGKOK -- Thailand's Indorama Ventures, the leading producer of a key resin in plastic bottles, plans to acquire a major Vietnamese manufacturer of plastic packaging, aiming to bolster its Asian production base to meet surging demand.

The Thai petrochemical company is making a tender offer for all outstanding shares of Ngoc Nghia Industry-Service-Trading, expecting to pay up to 3.09 billion baht ($92.5 million), according to a stock market filing this week. The deal is expected to be completed as early as the first half of this year.

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