Thai chemicals, fibres and woollen yarns conglomerate Indorama Ventures has made its second acquisition in the last month with the purchase of Brazilian fibres business M&G Fibras Brasil Ltda.

Indorama made the acquisition yesterday (1 November) through its indirect subsidiary, Indorama Ventures Brazil Participações, for an undisclosed sum.

Located in Cabo de Santo Agostinho, Brazil, the business produces polyester staple fibre, with an annual capacity of 75,000 tonnes. The facility will be in close proximity to Indorama's PET plant in Brazil.

Indorama says the acquisition will provide it with an opportunity to establish its global footprint in the fibres business in South America's largest economy, Brazil, and participate not only in the large domestic market but also enjoy strategic and logistic advantages from established free trade agreements with other Latin America countries.

The demand in Brazil is expected to grow in response to a recent recovery in consumption, the company adds.

Last month, Indorama acquired European wool and wool-blend worsted yarn producer Schoeller Immobilien-und Beteiligungs GmbH, expanding its presence in Europe.

Schoeller has operating plants in Austria, Czech Republic and Germany. The Austria facility is a dyeing plant, while the Czech Republic plant is responsible for spinning with a capacity of 3600 tons per annum.