Chemical firm Indorama Ventures (IVL) is to acquire OPET producer DuPont Teijin Films (DTF) in order to diversify into further industry segments.

DuPont Teijin Films is a joint venture between DuPont and Teijin Limited that specialises in film products for the specialty, industrial, packaging and automotive sectors. The acquisition includes eight production assets in the US, Europe and China, with a global innovation centre in the UK.

Aloke Lohia, Indorama Ventures’ chief executive, said, “This acquisition marks a new chapter for IVL. It is the next step in creating a leading position for customer solutions in films. DTF provides prudent growth in an industry related to our core businesses and is a strong foundation for future growth. DTF has a strong history of R&D with over 700 patents, which makes it a strategic fit with our own innovation capabilities. We believe in diversity as a core value of the company and we look forward to welcoming DTF’s strong management team and talented employees into our family.”