Polyplex being sought by investors

A Thailand-based manufacturer of materials for food and beverage packaging, Indorama Ventures, seeks to take control of Polyplex. An offer has also been made by Bain Capital for the polyester film manufacturer, Polyplex Corp. Polyplex has the seventh-largest capacity of polyester (PET) film globally which include both thin and thick PET film

04 Nov 2022 | By Charmiane Alexander

Polyplex has a global presence, supplying to about 2650+ customers in 75 countries

Polyplex Corp is in the news. Indorama Ventures based in Thailand, is in the race to seek control of the Noida-based manufacturer and exporter of biaxially oriented polyester (BOPET) film for packaging, electrical and other industrial applications. The product range of the company includes plain film (untreated), plain film (treated), plain film (untreated and hazy) and metallised.

In addition to Indorama Ventures, even Bain Capital is among the firms considering a bid for Indian polyester film manufacturer Polyplex Corp. There has been a financing offer, from the Boston-based buyout firm. The potential offer could value Polyplex at more than USD 1 billion including debt.

Polyplex is one of the biggest polyester film makers globally, and was founded in 1984. It has the seventh-largest capacity for PET films in the world. Thin polyester (PET) films with packaging are used in the healthcare and electric vehicle industry. As per market reports, the company has planned to boost capacity expansion. This will translate into 4,36,000 MTPA base film capacity, post the ongoing expansion.

Presently, Polyplex has manufacturing facilities in India, Thailand, Indonesia, Turkey and the US, supplying to more than 2,600 customers across 75 countries.
In a challenging economic environment, fraught with supply chain disruptions and rising prices, Polyplex stood confident and achieved strong results in FY 2021-22. This success has been backed by a legacy of resilience and focus on creating sustained value. The company achieved nearly 100% capacity utilisation, driven by operational efficiency and its continuous improvement measures including cost optimisation and supply chain efficiency, among others.