1. Background of the business
    Beginning of Business in Thailand  Entry into the PET business  Entry into the Fibers business  Background integration into Feedstock  Becoming global leader  Expansion of PET business in US and Europe  Expansion of Polyester business  Backward Integration into MEG  Business Differentation  High Value Added (HVA) Segments  Recycling Business  Raising Capital  Initial Public Offering  Rights Offering  Tender Offer  Market Position 

2. Focus on Recycling

3. Awards & Recognition

4. Subsidiaries

5. Board of directors

6. Shareholding

7. Listing

8. Local CSR activities

9. References

Background of the business

Beginning of Business in Thailand

Entry into the PET business

Indorama Ventures commenced business operations in 1994 with the incorporation of Indorama Holdings Ltd., which was the first worsted wool yarn producer in Thailand.

The Group’s PET business segment comprises primarily the manufacture and sale of PET, a plastic polymer resin primarily used for beverage containers and food packaging, as well as for the packaging of pharmaceuticals and household products as well as in industrial packaging applications. Moreover, the Group also manufactures High Value Added (HVA) products such as packaging for oxygen-sensitive foods and beverages.

In 1995, IVL entered the petrochemical industry focusing on the polyester value chain business with the establishment of a PET resin facility in Thailand. Since then, each successive growth and addition has been committed to the polyester value chain. It has a presence in three key business segments, PET resin, polyester fibers and Feedstock comprising PTA, MEG and various EO derivatives. The PET business has been achieved through greenfield investments, strategic acquisitions, and brownfield expansions.{{citation needed|date=August 2018}}

From 1995 to 2002, PET business has grown after engaging in the downstream production of PET preforms, bottles and closures through a joint venture with Serm Suk Pcl, as well as through various expansion projects leading to increased capacities{{citation needed|date=August 2018}}

Entry into the Fibers business

The Group’s fiber business segment comprises the manufacture and sale of a variety of polyester and other types of fibers and yarns (which are also used in the Group’s HVA products, particularly in personal care, automotive and industrial applications). The development in the polyester business has been achieved through the acquisition of distressed assets and organic growth through debottlenecking and asset optimization.

IVL entered into the polyester business in 1997 through the acquisition of Indo Poly, a polyester fiber plant in Thailand.

In 2008, the company acquired Tuntex Thailand, the largest polyester fiber producer in Thailand. Both of the polyester facilities were acquired as distressed assets at a discount to their replacement cost and have been successfully turned around.

In 2009, Indo Poly transferred all of its assets to, and all of its liabilities were assumed by Tuntex Thailand, which was subsequently renamed Indorama Polyester Industries.^[6]

Background integration into Feedstock

The Group's feedstock business segment comprises the manufacture, production and sale of PTA, MEG, EO derivatives and by-products, which are raw materials used in the production of the Group's polyester products. The Group's feedstock business segment supports its PET and polyester business segments and forms part of its strategy to vertically integrate its operations.

Becoming global leader

Expansion of PET business in US and Europe

The PET production footprint internationally expanded into North America in 2003, with the acquisition of the StarPet facility, and into Europe in 2006, with the commencement of Orion Global PET facility. The expansion made us the only PET resin producer with operations in the three largest consuming regions of Asia, Europe and North America. The further expansion of manufacturing presence with the acquisition of two PET resin facilities from Eastman Chemical Company in Europe in 2008, and a Greenfield investment in the PET business with AlphaPet in North America in 2009.

In the first half of 2011, IVL had completed major acquisitions of PET plants in China, Indonesia, Mexico, Poland and United States, leading the company to become the world’s largest PET producer and the largest player in Europe.^[7] PET production footprint was expanded to Africa by implementing the new solid state polymerization SSP plant in Nigeria, which started commercial operations in 2012.

In 2012, PT Polypet Karyapersada which is located at Cilegon, Indonesia, was acquired as IVL's PET production asset.

In 2015, IVL has expanded its business into the Middle East following the acquisition of two PET plants in Turkey, one in the southern region and one in northern region of Turkey. In May 2015, the Group also acquired a stake in Bangkok Polyester Public Company Limited, a PET producer in Thailand which further consolidated PET production in the local market. Recently, IVL acquired PET business of Micro Polypet Private Limited (MicroPet) and its two subsidiaries Sanchit Polymers Private Limited and Eternity Infrabuild Private Limited in India.

Expansion of Polyester business

In the first half of 2011, polyester production footprint expanded internationally into Indonesia and USA.

Later in November 2011, there was an acquisition of the PET and Polyester fibers recycling businesses of Wellman International in Europe, which consisted of three production facilities in the Republic of Ireland, the Netherlands, and France.

In January 2012, IVL acquired 100% of FiberVisions Holdings LLC, a manufacturer of specialty mono and bi-component fibers based in Duluth, Georgia, USA.

Backward Integration into MEG

In 2012, IVL took another step upward to feedstock integration by the acquisition of Old World Industries I, Ltd. and Old World Transportation, Ltd. in the USA, which is the largest single EO/EG production facility in the U.S. Mono Ethylene Glycol (MEG) is one of the company’s key feedstocks together with Purified Terephthalic Acid (PTA) in the manufacture of Polyethylene Terephthalate (PET) and Polyester Fibers and Yarns, both downstream products of IVL. Recently, the acquisition from Compañía Española de Petróleos (CEPSA) which is PTA business in Canada and IVL also acquired 100% of Indorama Ventures Olefins Holding LLC, an old ethylene cracker in USA in September 2015 (under refurbishment).{{citation needed|date=August 2018}}

Business Differentation

High Value Added (HVA) Segments

IVL has invested laterally into high value added products in PET, Polyester fibers and yarns, Polypropylene fibers and yarns, Nylon fibers and yarns and Purified Ethylene Oxide PEO. In 2015, HVA portfolio represented 21% of production and 48% of consolidated core EBITDA. Core EBITDA is calculated as book EBITDA less inventory gains or losses less extraordinary items if any.{{citation needed|date=August 2018}}

Recycling Business

In 2011, IVL acquired Wellman International in Europe. At the beginning of 2014, the company extended the know-how obtained from Wellman International and commenced production of the recycled PET and fiber facility in Nakhon Pathom, Thailand. IVL expected to further leverage on Wellman’s bottle to flake technology on a global scale. The company have also integrated three production sites in USA and Mexico with recycled PET and objective is to continue to increase the use of recycled PET in the operations.^[8]

The recycled products that IVL produce are recycled PET flakes, rPET resins and recycled polyester fibers and yarns.

Raising Capital

Initial Public Offering

Indorama Ventures Public Company Limited became a public company on September 25, 2009. As of December 31, 2014, the Company has registered capital of Bt 5,666,010,499 with paid-up capital of Bt 4,814,257,245 totaling 4,814,257,245 ordinary shares at par value of Bt 1 per share. The major shareholder of the Company is Indorama Resources Limited, owned 99.99% by Canopus International. (Canopus International is owned by Mr. Aloke Lohia and his immediate family and Mr. Sri Prakash Lohia and his immediate family). Mr. Aloke Lohia and his immediate family hold 49% with voting rights over 76% of total votes of Canopus International while Mr. Sri Prakash Lohia and his immediate family hold 51% with voting rights over 24.0% of total votes of Canopus International. In January, 2010, Indorama Ventures Public Company Limited completed initial public offering of 400,000,000 ordinary shares at an offering price of Baht 10.20 per ordinary share. The total amount raised in cash from initial public offering of shares Baht 4,080 million. Simultaneously, the minority shareholders of Indorama Polymers Public Company Limited, subsidiary of IVL listed on the Stock Exchange of Thailand were offered under an exchange offer 582,727,137 ordinary shares of Indorama Ventures Public Company Limited. The ordinary shares of Indorama Ventures Public Company Limited were listed and commenced trading on the Stock Exchange of Thailand (the SET) on February 5, 2010. The ticker symbol is IVL. Indorama Ventures, during the course of 2010 became a member of the major indices, SET 50 Index, FTSE SET Large Cap Index and MSCI.

Rights Offering

In November, 2010, the Board of Directors passed a resolution to increase the authorized share capital from Baht 4,334,271,047 to Baht 4,815,856,719 and reserve the increase in authorized share capital of Baht 481,585,672 for the exercise of Transferable Subscription Rights (TSR). The Board approved a rights issue of TSRs to existing shareholders at the ratio of one TSR for every nine existing ordinary shares held of IVL. The conversion ratio was 1:1. One TSR to one ordinary share and the exercise price of the TSR to ordinary shares is Baht 36 per ordinary share. On December 17, 2010, at the extraordinary general meeting of shareholders (EGM) the shareholders approved the issue, allocation and the terms and conditions of the TSR. On February 24, 2011 the subscription of TSRs was completed with 99.67% of TSRs being exercised into shares. A total of 479,986,198 new shares started trading on the SET on March 3, 2011. The total amount raised in cash from this rights issue is Baht 17,280 million.

Tender Offer

IVL's PET business was listed on the SET as Indorama Polymers Public Company Limited (IRP) in 2005. On December 24, 2009, IVL offered to purchase up to 100% of IRP through a tender offer whereby IRP shareholders (other than IVL and its subsidiaries) were offered IVL shares in exchange for IRP shares. The said tender offer was completed on February 1, 2010 which resulted in IVL holding directly and indirectly (through its subsidiary Indorama Holdings (Thailand) Limited) around 99.08% of the issued and paid-up capital of IRP. IRP shares were delisted from the SET on February 5, 2010 onwards.

Market Position

The PET market in North America is consolidated with the top three companies accounting for nearly 90% of the market with one third of the market each. Globally, Indorama Ventures is the market leader.^[9]

The largest polyester fiber producer in Thailand.^[10]

A world scale manufacturer of PTA, a key raw material for the production of polyester.

Focus on Recycling

IndoramaVentures has reacted to the challenge on resource management issue as well as on the requirement for sustainable packaging from its world-class customers by establishing the recycling business. With an objective to reduce the amount of waste that is sent to landfills and incinerators; reduce natural resources consumption; and increase efficient use of natural resources. Therefore, save energy and water and reduce emissions that contribute to global climate change.^[11]

In addition to the recycling business, IVL has implemented its first CSR flagship project to educate children on waste separation and recycling plastics. The education material has been used as a tool to explain the subjects easily for children.^[12]

Awards & Recognition

Subsidiaries

Indorama Ventures is headquartered in Bangkok, Thailand. As of November 2018, it has 93 operating sites in 31 countries in four major regions of the world - Europe, America, Africa and Asia. The company’s portfolio consists of what it calls Necessities (products vital for life) and High Value-Added (HVA) products.

Board of directors

As of 2017,^[29] board members of Indorama Ventures are:

• Mr. Aloke Lohia, Group CEO
• Mr. Sri Prakash Lohia, Chairman
• Mrs. Suchitra Lohia, Director and Chairperson of Corporate Social Responsibility Committee
• Mr. Dilip Kumar Agarwal, Director, Member of Sustainability Committee and CEO of PET and Feedstock Business
• Mr. Udey Paul Singh Gill, Director, Member of Sustainability Committee and CEO of Fibers Business
• Mr. William Heinecke, Independent Director and Chairman of Nomination, Compensation and Corporate Governance Committee
• Mr. Rathian Srimongkol, Independent Director, Vice Chairman of the Board, Chairman of the Audit Committee and Member of Sustainability Committee
• Mr. Amit Lohia, Director
• Dr. Siri Ganjarerndee Independent Director, Member of the Audit Committee and Member of the Nomination, Compensation and Corporate Governance Committee
• Mr. Kanit Si, Independent Director and Member of Nomination, Compensation and Corporate Governance Committee
• Mr. Russell Leighton Kekuewa, Independent Director and Member of Sustainability Committee
• Mr. Chakramon Phasukavanich Independent Director
• Mr. Maris Samaram Independent Director, Member of the Audit Committee and Member of the Sustainability and Risk Management Committee
• Mr. Sanjay Ahuja Director and Senior Vice President Finance

Shareholding

The total numbers of shares in IVL are 4,814,257,245 shares.^[30] Indorama Resources Limited, Canopus International Limited and Mr. Aloke Lohia hold approximately 66.39% of the total shares (as included in the Section 258 of the Securities Exchange Act of related persons’ shareholding) while 33.61% are held by institutional and retail shareholders.

Listing

Indorama Ventures has been listed in the Stock Exchange of Thailand (SET) since February 5, 2010.^[31] The Company once listed its subsidiary, Indorama Polymers (IRP), in SET in 2005 and delisted it in 2010.^[4]

Local CSR activities

In August 2014, the Company signed the memorandum of understanding (MOU) with Operation Smile Thailand,^[32][33] to provide support for surgery on children with cleft lips and palates in the country.

References

• The Mask (1997 Film)
• The Mask and Wig Clubhouse
• The Mask (DC Comics)
• The Masked Avenger
• The Masked Avengers
• The Masked Avengers' prank on Sarah Palin
• The Masked Ball
• The Masked Bride
• The Masked Canadian
• The Masked Gang
• The Masked Gang: Cyprus
• The Masked Gang: Iraq
• The Masked Marvel (comics)
• The Masked Meat Marauder
• The Masked Menace
• The Masked Raider
• The Masked Rider (film)
• The Mask of Caliban
• The Mask of Horror
• The Mask of Love
• The Mask of Miracle
• The Mask of Sanity
• The Mask of Sheba
• The Mask of the Mandragora
• The Mask of the Phantasm