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Foreign media reported on September 21 that Japan's Toray (Toray) released an asset disposal plan, planning to divest its stake in PT Petnesia Resindo (PNR), an Indonesian PET resin production enterprise. This asset sale is part of the group's business strategy adjustment, and Toray will withdraw from the Indonesian bottle-grade PET resin production sector.
PT Petnesia Resindo is located in Tangerang, Indonesia, with an annual PET plant production capacity of 85,000 tons, mainly producing food-contact grade bottle-grade PET resin. Its items are mainly supplied to the packaging and beverage bottle markets in Southeast Asia, and it is a veteran regional PET chip manufacturer in Indonesia.
Toray stated that this equity sale is a measure to the group to optimize the layout of its global polyester assets, and will tilt its resources towards high-value-added material businesses. The current equity sale transaction is still underway, and the transaction consideration and transferee have not yet been disclosed; the completion of the transaction still needs to meet preconditions such as relevant business agreements and regional regulatory approval, and there are uncertainties.
PET chips are broadly utilized in potable aquatic environments and food packaging fields. In recent years, new PET production capacity has been continuously put into operation in Southeast Asia, leading to intensified sector competition and profit pressure. Toray's sale of its Indonesian PET assets reflects that international chemical giants are shrinking their conventional bulk polyester businesses and shifting their capital focus to high-value-added new material tracks such as carbon fibers, high-end film materials and special resins.
sector analysts pointed out that this asset withdrawal will affect the regional PET supply pattern in Indonesia. As a populous country in Southeast Asia, Indonesia's demand to packaging PET has maintained prolonged development, the subsequent business strategy of the new shareholder will determine the future operation and export plans of this 85,000-ton PET plant. In the short term, the basic supply and demand situation of the Southeast Asian PET market will not change drastically due to this equity change.
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