BP Complex in Decatur acquired by Indorama Ventures
DECATUR, Ala. – Indorama Ventures Public Company Limited (IVL) has announced it has successfully closed the deal to acquire BP’s petrochemical complex in Decatur. Indorama Ventures identifies itself as a “leading producer of intermediate petrochemicals.”
When BP announced the plant was going on the market, county leaders admit there was some anxiety.
Jeremy Nails, president and CEO of the Morgan County Economic Development Association, says there were fears that the new owner’s plans could lead to job loss, a concern now put to rest.
“The BP facility, now the Indorama facility, has about 440 employees, but they have contractors too which could double the amount of people working out there everyday,” Nails explained.
Mayor Don Kyle says it’s a big deal for the River City, and a great transaction protecting the jobs.
“All the jobs, all the marketing capabilities, the HR, the whole operation changed names from BP to Indorama.”
The new entity will be called Indorama Ventures Xylenes & PTA LLC and they produce the raw materials that go into many plastics, such as water bottles.
Mr. D. K. Agarwal, CEO of the PET and Feedstock division of Indorama Ventures Public
Company Limited said, “We are very pleased to welcome the management and staff of the BP Decatur facility to our family and look forward to a continuation of the teamwork we have built up over the years. We know that this is a professional and hard-working group of men and women who I hope will continue to work with us and achieve further milestones. Decatur is a key investment area for us, one in which we have had a long-term commitment since 2007.”
The company currently manufactures in Georgia, Alabama, North and South Carolina, Texas and Louisiana.