Thailand-based Indian Group Indorama Ventures has set up a new JV called CC Polymers along with Far Eastern Investment and Alpek to acquire M&G’s integrated PET/PTA assets in the USA for US$ 1.125 billion. Located at Corpus Christi in Texas, USA, each partner in the JV will invest around US$ 375 million in return for the right to offtake one-third of the plant’s output. M&G was in the process of setting up the world’s largest integrated PET/ PTA plant with an annual capacity of 1.1 million MT of PET and 1.3 million MT of PTA (purified terephthalic acid).
M&G had launched this project in 2016 but had to file for bankruptcy protection during the fourth quarter of 2017, necessitating divestment of assets under Chapter 11.
Far Eastern Investment is owned by Far Eastern New Century (FENC), which had invested earlier this year in M&G’s West Virginia plant and Ohio R&D Center. FENC is probably Asia’s largest PET Bottle manufacturer with plants operating in China and Taiwan.
Earlier this year, Indorama Ventures also agreed to take over M&G Polimeros Brazil, a producer and marketer of PET resins and packaging applications, for an undisclosed sum. M&G Polimeros is Brazil’s largest PET plant with an annual capacity of 550,000 MT.
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