MEXICO CITY--(BUSINESS WIRE)--Aug. 13, 2024--
Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) (“the Company” or “Orbia”) announces an update on its PVDF Joint Venture (“the PVDF Project”) and its capital investments plans.
Consistent with its partner’s recent announcement regarding the PVDF Project investment extension by up to two years, the previously communicated pause on its PVC capacity expansion and no intent to pursue material acquisitions in the near term, Orbia has revised and significantly reduced its capital investment plan. The yearly estimates are $525 million for 2024 and $450 million for each of 2025 and 2026, including maintenance and strategic growth initiatives.
This investment strategy aims to optimize Orbia’s resource allocation, drive long-term growth, and maintain a strong balance sheet despite the current challenging market environment, all aligned with its commitment to sustaining an investment-grade rating.
Orbia will host a strategy update following its third quarter earnings call on October 24th, 2024 to present an in-depth overview of its strategic and capital allocation priorities. The presentation will include a Q&A session.
About Orbia
Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) is a company driven by a shared purpose: to advance life around the world. Orbia operates in the Polymer Solutions (Vestolit and Alphagary), Building & Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) and Fluor & Energy Materials (Koura) sectors. The five Orbia business groups have a collective focus on expanding access to health and well-being, reinventing the future of cities and homes, ensuring food, water and sanitation security, connecting communities to information and enabling the energy transition with basic and advanced materials, specialty products and innovative solutions. Orbia has a global team of over 24,000 employees, commercial activities in more than 100 countries and operations in over 50, with global headquarters in Boston, Mexico City, Amsterdam and Tel Aviv. The company generated $8.2 billion in revenue in 2023. To learn more, visit: orbia.com.
Prospective Information
In addition to historical information, this press release contains "forward-looking" statements that reflect management's expectations for the future. The words “anticipate,” “believe,” “expect,” “hope,” “have the intention of,” “might,” “plan,” “should” and similar expressions generally indicate comments on expectations. The forward-looking statements included in this press release are subject to a number of material risks and uncertainties, and our results may be materially different from current expectations due to factors, which include, but are not limited to, global and local changes in politics, economic factors, business, competition, market and regulatory factors, cyclical trends in relevant sectors as well as other factors affecting our operations, markets, products, services and prices that are highlighted under the title “Risk Factors” in the annual report submitted by Orbia to the Mexican National Banking and Securities Commission (CNBV) and available on our website at https://www.orbia.com/investor-relations/financial-reports/reports-and-filings/. The forward-looking statements included herein represent Orbia’s views as of the date of this press release. Orbia undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.”
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Investor Relations
Diego Echave
VP, Investor Relations
T: +1 858 283 6201
diego.echave.ext@orbia.com
Media
Kacy Karlen
Chief Communications Officer
T: +1 865 410 3001
kacy.karlen@orbia.com
Source: Orbia Advance Corporation, S.A.B. de C.V.
