THE WHAT? Indorama Ventures Group CEO, Aloke Lohia has revealed that the company will not be pursuing further mergers and acquisitions, instead, it will focus on reducing its debt, prioritising a strong balance sheet and healthy cash flow over rapid growth.

THE DETAILS The Thai petrochemicals supplier plans to reduce interest-bearing debt by US$2.5 billion, which is approximately 40 percent of the total, according to a report published by Nikkei Asia.

It is also mulling the closure of six facilities in Europe and the US, and reducing its workforce, slashing operational costs.

THE WHY? Indorama Ventures Group faces stiff competition from inexpensive Chinese chemicals, Nikkei Asia explains and cited rising interest rates as its motivation to reduce debt.