Corpus Christi Polymers: Acquisition of the PTA/PET complex of M&G in Texas

The Corpus Christi Polymers joint venture is preparing to acquire the PET complex currently under construction in the US state of Texas, previously part of the insolvent Mossi & Ghisolfi group, M&G Chemicals.

The JV is owned by the Mexican petrochemical group Alpek, the Thai plastics group Indorama Ventures (IVL) and Far Eastern Investment Holding, part of the Taiwan-based Far Eastern New Century Corporation (FENC).

In press releases, the JV partners informed about the foundation of Corpus Christi Polymers and the signing of an agreement with M&G USA to acquire the complex. According to the information, the financial volume of the planned transaction will amount to USD 1.125 billion. The takeover is subject to approval by the courts involved in the insolvency proceedings against M&G and the competent supervisory authorities.

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M&G Chemicals started construction of a new production complex for PET and the starting material PTA in Corpus Christi, Texas, in 2013. Capacities for 1.1 million tonnes of PET and 1.3 million tonnes of PTA per year are planned. Due to the insolvency of the M&G Group, construction work on the Gulf of Mexico site was put on hold last year. According to current media reports, 80-85 percent of the plants have been completed.

Corpus Christi Polymers plans to complete the complex efficiently and cost-effectively after taking over the project. According to the broadcasts, each of the three JV partners will then be able to use the new facilities independently of each other and each will have access to one third of the capacities.

Indorama Ventures is one of the world's largest producers of PET, PTA and polyester and just a few days ago agreed to acquire PET manufacturer M&G Polímeros Brasil from the M&G Group. Alpek is also one of the leading international manufacturers of PET and PTA, as well as producing polyester fibers, plastics such as polypropylene (PP) and expanded polystyrene (EPS) and raw materials such as caprolactam. According to Far Eastern, with PET lines in Taiwan, China and Vietnam, it is the largest company in Asia.

More information:
www.indoramaventures.com, www.alpek.com, www.fenc.com

Corpus Christi Polymers, Corpus Christi, Texas, USA

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