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| Company type | Public |
|---|---|
| SET: IVL | |
| Industry | Petrochemicals |
| Founded | 1994; 32 years ago (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 intermediatepetrochemicals industry, the world's largest producer ofPET resins,[1] and a manufacturer ofwoolyarns established byAloke Lohia inBangkok in 1994.
IVL commenced business operations in 1994 with the establishment of the firstworsted wool yarn producer inThailand.[citation needed]
In 1995, IVL established its firstPET resin facility inThailand.[citation needed]
It expanded intoNorth 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 byAloke 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 inEurope,[citation needed] and in January 2012, IVL acquired FiberVisions Holdings, a manufacturer of specialty mono andbicomponent fibers based inDuluth,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, theUnited Nations published adatabase of all business enterprises involved in certain specified activities related to theIsraeli settlements in theOccupied Palestinian Territories, includingEast Jerusalem, and in the occupiedGolan 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 particularwater andland, for business purposes".[5][6] Theinternational community considers Israeli settlements built onland occupied by Israel to bein 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 theWest Bank.[10]