Indorama Ventures Public Company Limited (SET: IVL) has informed the Stock Exchange of Thailand that the Management Board of Indorama Netherlands B.V. (INBV), an indirect subsidiary of the company, has passed a resolution dated January 20, approving the divestment of its subsidiary, UCY Polymers CZ s.r.o. (UCY), in the Czech Republic.
The divestment involves the sale of INBV’s entire equity stake, representing 85% of UCY’s share capital, to UCY Global Invest GmbH (UCY Global), an affiliated entity of Mr. Maximilian Josef Söllner, who is the minority joint venture partner that currently holds the remaining 15% of UCY’s share capital. UCY Global is not a connected person of the company.
In February 2022, IVL acquired UCY in the Czech Republic with a strategic intent to grow its recycling footprint, utilizing bottles sourced through the German Deposit Scheme.
Following the acquisition, the company’s critical business assumption of continued access to high quality feedstock from Germany became unviable due to changes in regulations as well as shifts in the operating model adopted by two major German suppliers. As a result, UCY was compelled to operate using local Czech feedstock or from nearby markets, for which the in-house technology of UCY was not designed. This led to sub standard output that did not meet quality requirements. Investments and other options in upgrading operations were re-evaluated, turning out to be uneconomical.
As part of the IVL 2.0 strategic footprint optimization and based on comprehensive assessment of operational, financial, and strategic considerations, it has been decided by IVL to divest its 85% equity stake in UCY to UCY Global (which is the affiliated entity of Mr. Maximilian Josef Söllner, the original owner and existing minority shareholder). No consideration was received in connection with this Transaction. Following completion, INBV will have no continuing obligations, liabilities, or responsibilities in respect of UCY.
The transaction was completed on January 20, 2026, and as of that date, UCY has ceased to be an indirect subsidiary of the company.
