Thai Company Buys Invista

Koch Industries has sold its Invista unit to Thailand-based Indorama Ventures for $420m. Among the assets sold to the PET manufacturer is Grupo Arteva, a collection of Mexican assets located in Queretaro. Indorama financed the deal with cash on hand and bank financing, and the price includes working capital and the assumption of debt. Arteva has production capacity of 535,000 tons of PET, polymers and fibers per year. The transaction is expected to close during Q1 2011. Deutsche advised the buyer. Indorama could not be reached for comment.