Indorama Ventures divests indirect subsidiary in the Czech Republic
Indorama Ventures Public Company Limited has announced the divestment of its indirect subsidiary UCY Polymers CZ s.r.o. in the Czech Republic, following a resolution by the management board of Indorama Netherlands B.V., an indirect subsidiary of the group.
According to the company, the transaction involves the sale of Indorama Netherlands B.V.’s entire 85% equity stake in UCY Polymers CZ to UCY Global Invest GmbH. The buyer is described as an affiliated entity of Maximilian Josef Söllner, the existing minority joint-venture partner, who previously held the remaining 15% of the company’s share capital. UCY Global is not considered a connected person of Indorama Ventures.
Indorama Ventures originally acquired UCY in February 2022 with the stated objective of expanding its recycling footprint, leveraging PET bottles sourced through the German deposit return scheme. The company now says that key assumptions underpinning the investment changed following regulatory developments and shifts in operating models among major German feedstock suppliers.
As a result, UCY was required to rely on local Czech or nearby regional feedstock, which, according to Indorama Ventures, was not compatible with UCY’s in-house technology. This reportedly led to output quality issues that failed to meet requirements. The company added that potential investments and alternative options to upgrade operations were reassessed and ultimately deemed uneconomical.
The divestment decision forms part of Indorama Ventures’ “IVL 2.0” strategic footprint optimisation, following what the company describes as a comprehensive review of operational, financial and strategic factors. No consideration was received in connection with the transaction, and upon completion Indorama Netherlands B.V. will have no ongoing obligations or liabilities related to UCY.
From a regulatory perspective, Indorama Ventures stated that the transaction is not classified as a connected transaction but falls under Thailand’s regulations governing the acquisition or disposal of assets. Based on the company’s audited consolidated financial statements as of 30 September 2025, the transaction size is reported to be below the 15% disclosure threshold, including all relevant transactions completed within the preceding six months.
The transaction was completed on January 20, 2026. As of that date, UCY Polymers CZ s.r.o. has ceased to be an indirect subsidiary of Indorama Ventures.