SET-listed Indorama Ventures Plc (IVL), the world’s second-largest producer of polyethylene terephthalate (PET), is expected to finish the acquisition of a new asset in Italy by the end of May, with an aim of double-digit returns.

IVL has been negotiating with Equipolymers to buy its assets in Ottana, Southern Italy. The 10-year-old plant can produce 190,000 tonnes a year of pure terephthalic acid (PTA) and up to 200,000 tonnes of PET resin.

IVL expects 50% of the assets to be materialised in June, CEO Aloke Lohia, told a shareholder meeting yesterday. “In previous acquisitions our shareholders have seen double-digit returns and this acquisition should be no different,’’ said Mr Lohia.

The plant’s production will be ramped up to full capacity, he said, adding that this asset will help IVL complete a production network across Europe.

Mr Lohia noted that the market for the polyester chain has a bright future and was not prone to economic cycles.

“We want to grow faster than the market. We want to be recognised as the leader in the polyester value chain industry,” he said.

Shares of IVL closed yesterday at 16.10 baht, down 20 satang, in trade worth 374.4 million baht.