Friday, November 16, 2007

Thai Vinythai abandons plan to acquire assets of rival Apex

Thailand's second largest polyvinyl chloride producer -Vinythai PCL has dropped plans to buy a factory and other assets of rival APEX Petrochemical Co. As per Vinythai, APEX did not fulfill some undisclosed conditions for the 3.25 billion baht deal announced in August. Vinythai is 50% owned by Belgium's Solvay SA. The purchase of a factory and machines from APEX would have raised Vinythai's PVC annual capacity to 330,000 tons from 210,000 tons.

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