Polyester producer Indorama Ventures Limited has set up a new wholly owned indirect subsidiary in the Netherlands to hold its acquisition of Wellman International's recycling and fibre manufacturing business in Europe.

Following the completion of the deal, which was announced in September, the Thailand based company has established Indorama Ventures Recycling Netherlands BV. The unit will house Europe's largest recycler of PET (polyethylene terephthalate) bottles as well as production of polyester staple fibre products and recycled PET. Its technology is capable of producing recycled fibres, as well as bottles and materials for the hygiene sector.