Indorama Ventures PCL

Stock Symbols
company headquarters

A Thai producer of industrial chemicals and fabrics. Its Israeli subsidiary Avgol had a factory in an illegal Israeli settlement in the occupied Palestinian territory.

Indorama Ventures is a Bangkok-based multinational corporation that produces plastic materials, polyester fibers, yarns, and wool products for manufacturing. In 2018, it acquired a 65% stake in Avgol Industries 1953, an Israeli manufacturer of nonwoven fabrics, which are used primarily for the production of hygiene products like diapers and sanitary pads.

Between 1999 and 2020, Avgol’s main factory was located in the Barkan Industrial Zone, an illegal Israeli settlement in the occupied West Bank. Both Avgol and Indorama were included in the 2020 U.N. database of companies doing business in illegal settlements in the Occupied Palestinian Territory. Shortly after Indorama’s acquisition of Avgol, the company decided to close its Barkan factory, relocating production to its two newer factories, one in the Israeli city of Dimona and the other in India. The company reported completing the closure of its Barkan factory in March 2021.

Avgol’s two main clients are Procter & Gamble and Kimberly Clark, which have been using Avgol’s materials in their products since at least 2006 and 2009, respectively. Avgol reported that the closure of its West Bank factory caused its sales to Procter & Gamble to drop from $172.9 million in 2018 to $113.9 in 2020, but that sales are expected to rise once the closed production lines are picked up in the new factories.

Unless specified otherwise, the information in this page is valid as of
30 September 2021