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Alpek inks deal to buy UK PET plant from Lotte Chemical

November 05/2019

MOSCOW (MRC) -- Mexican petrochemical company Alpek has signed a deal to fully acquire a British plant from Lotte Chemical UK Limited, reported Reuters with reference to Alpek's statement.

The plant, a unit of South Koreas Lotte Chemical, has the capacity to produce 350,000 tonnes of polyethylene terephthalate (PET) per year and is located at Wilton, Teesside.

Alpek, which did not disclose the purchase price, said the transaction will be finalized by the end of this year. 

Alpek is the petrochemicals unit of Mexican conglomerate Alfa.

As MRC wrote before, in early May 2018, Alpek concluded the purchase of PET producer Petroquimica Suape (PQS) for USD385 million. Previously owned by Brazil's Petrobras, PQS owns a 700,000 mt/year PTA plant as well as a 450,000 mt/year PET plant in Ipojuca, Pernambuco, Brazil. After the acquisition, Alpek owns all these assets as well as Citepe - a polyester unit. Alpek already owns Mexicos polypropylene producer Indelpro and DAK Americas, which produces PET in the US, Mexico, Canada and Argentina.

According to MRC's ScanPlast report, Russia's estimated PET consumption dropped in September 2019 by 10% year on year, totalling 58,210 tonnes. Overall, 551,320 tonnes of PET was processed in Russia in the first nine months of 2019, up 9% year on year.

Established in 1976, Lotte Chemical has been solidifyng its position by localizing cutting-edge petrochemical technologies. Among the high-quality products produced by Lotte Chemical through its efficient processes are ethylene, HDPE, LDPE, LLDPE, PP, functional resin, EG, SM, PIA, PET, etc. Lotte Chemicals products are being distributed to 152 countries around the world. With the acquisition of Pakistans PTA in 2009, Artenius in the UK in 2010 and Titan Chemical Corp., Lotte Chemical is now able to efficiently supply excellent products to an increasing number of countries. The company is further accelerating its efforts to strengthen its global competitiveness by establishing overseas branches in Hong Kong, Russia, and USA, along with the sales corporation in China for active sales activities both in domestic and abroad.


mrcplast.com
Author:Margaret Volkova
Tags:PET-granulate, packaging, Alpek, Honam Petrochemical, Petrobras, Lotte Chemical, Brazil, UK, Russia.
Category:General News
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