"This acquisition is well aligned with Alpek’s growth strategy, creating substantial value by integrating the asset into our global polyester footprint, marking our first acquisition outside of the Americas, and growing our current worldwide PET capacity to 2.8 million tons," said José de Jesús Valdez, Alpek’s CEO.
"Moving forward, our team is focused on executing a seamless integration to capitalise on existing momentum and capture synergies," Valdez added.
The terms of the agreement have not been disclosed, and the acquisition is expected to be completed in the fourth quarter of 2019 subject to customary government approvals.
As a leading petrochemical company, Alpek operates in two business segments: “Polyester” (PTA, PET and polyester fibres), and “Plastics & Chemicals” (polypropylene, expandable polystyrene, caprolactam, and other specialty and industrial chemicals).
ALCHEMPro News Desk (RKS)
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