Indorama, the world's leading vertically integrated Polyester Value Chain producer, is the latest big Thai firm to announce an overseas acquisition, helped by a rise in the baht in recent years.

The acquisition, which includes Wellman's MJR Recycling BV, is expected to be completed this year and will provide both access to recycling technology and potential technology transfer to its Asian assets, it said in a statement.

"The target acquisition has the know-how to blend recycled PET and industrial waste and will potentially contribute to make Indorama Ventures a 'zero waste' company with a low carbon footprint able to serve both the beverage and fiber segments of our customer base," said Group CEO, Aloke Lohia.

It gave no details about the value of the deal.

Wellman is Europe's largest recycler of PET (polyethylene terephthalate) bottles and a maker of polyester staple fiber and recycled PET products. It has three production facilities in Europe with output of over 153,000 tons a year.

Its plant in Ireland is capable of converting waste polyester into 100 percent recycled fiber, which can be further processed to be used in several premium products, it said.

Indorama, valued at $5.3 billion, has said it planned to spend $3.8 billion to double its capacity to 10 million tons by 2014.

It is Southeast Asia's third-largest petrochemical firm by market value after Malaysia's Petronas Chemicals Group and Thailand's PTT Chemical Pcl .

Earlier this year, Indorama announced plans to acquire assets in Poland and Indonesia.

At the midsession break, Indorama shares were up 0.7 percent, in line with a 0.4 percent rise in the broad market.

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