Indorama pulls out of deal to acquire Turkish firm SASA Polyester

Indorama Ventures has decided to pull out of an agreement to acquire SASA Polyester Sanayi AS (SASA) in Turkey. On April 10, 2014, Indorama Netherland BV had entered into a sale purchase agreement to acquire 51% stake in SASA from Haci Omer Sabanci Holding AS.
 
“With reference to our disclosure, dated April 10, 2014, the company would like to inform you that both sides have mutually agreed to withdraw from implementing the acquisition of SASA,” said Indorama Ventures in a letter addressed to the Stock Exchange of Thailand.
 
Indorama Ventures added that it has decided to focus on its PET footprint in Turkey.
 
SASA incorporates integrated feedstock and polymer facilities producing DMT, staple fibres, filament yarns, PET, PBT polymers and specialty chemicals with a total plant capacity of 600,000 tons per annum. SASA supplies both Turkish and European markets with high quality, high value added products.