Home / Knowledge / News / Textiles / Alpek bags 60 day period to acquire Petroquímica & Citepe
Alpek bags 60 day period to acquire Petroquímica & Citepe
08
Aug '16
Courtesy: Alpek
Courtesy: Alpek
Alpek said it has received an exclusive 60 day period to conduct negotiations with Petróleo Brasileiro S.A. (Petrobras) to acquire its stake in Petroquímica Suape and Companhia Integrada (Citepe).

Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Brazil with an installed capacity of 700,000 tons of PTA and 450,000 tons of PET.

Citepe also operates a 90,000 tons per year texturised polyester filament plant on the same site.

“In the event the parties reach an agreement, the closing of this transaction will require further corporate approvals and approval by the appropriate governmental authorities,” Alpek added.

Alpek produces various petrochemicals like PTA, PET, polypropylene, expandable polystyrene, caprolactam, and also polyester fibres.

Alpek operates 22 plants in the United States, Mexico, Brazil, Argentina and Chile, and employs more than 5,000 people. (AR)

Fibre2fashion News Desk - India

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