Alpek gains PET producers
Mexico 
MONTERREY, December 29, 2016 – Mexico’s Alpek had reached a deal with Petrobras on the purchase of polyethylene terephthalate producer Petroquimica Suape, the company announced late on Wednesday.
Valued at USD 385 million, the acquisition includes a purified terephthalic acid plant and a PET production facility that produce 700,000 and 450,000 tonnes per year, respectively. The deal will also see Alpek absorb Citepe, a polyester production company.
“The closing of this transaction will require further corporate approvals and is subject to several condition precedents, including approval by the appropriate governmental authorities,” Alpek said of the agreement, which took around six months to materialise.
Read our latest insights on:
Latest news and features
Sign up to receive our newsletter and energy event alerts and receive free access to The Oil & Gas Year Nigeria 2020