MONTREAL, August 7, 2024-

Indorama Ventures' Combined PET business segment announced today that it plans to discontinue operations at its Purified Terephthalic Acid (PTA) plant in Montréal-Est, with preparations for the closure beginning in September 2024.

The decision comes in response to significant changes in the polyester industry, particularly due to new builds and continued overcapacity in China with majority of it integrated, which have pressured Western producers. These feedstock cost pressures, along with decreasing demand and the inflationary environment, have led to low utilization rates and other plant closures in the region. In order to be resilient and continue to be cost competitive in light of these structural changes in the industry dynamics, Indorama Ventures has undertaken a strategic review of its portfolio including asset optimization where necessary. Customers will not be affected by this closure, as Indorama Ventures' production assets in the US and its extensive global footprint will ensure continued competitive and reliable supply solutions.

Nonwovens Markets subscribers - click here to read the full article.

Not a subscriber?

Try Nonwovens Markets free!