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EU approves UPC-GPT JV for polyester chains in EEA
18
Sep '13
The European Commission in Brussels has approved the newly created joint venture by the Joint Stock Company United Petrochemical Company (UPC) of Russia and Grupo Petrotemex S.A. de C.V. (GPT) of Mexico for manufacturing and selling polyester chain products in the European Economic Area (EEA).
 
The acquisition of joint control over the newly created UPC-GPT joint venture was approved under the EU Merger Regulation, according to a statement from the European Commission.
 
At present, UPC carries out petrochemical and gas processing activities, via companies it holds in Russia, and research and analysis for investment opportunities in petrochemical businesses. 
 
GPT manufactures and sells polyester chains, in particular terephtalic acid, polyethylene telephtalate resin, polyester staple fibre, for use, among others, in the textile industry. GPT is mainly active in the Americas.
 
The newly created joint venture will manufacture and sell polyester chains, in particular polyethylene telephtalate resin, in the Commonwealth of Independent States (CIS), the European Economic Area (EEA) and neighbouring countries.
 
The European Commission concluded that the proposed acquisition would not raise competition concerns, because the parties’ activities have a different geographic focus and their market shares would remain low after the transaction.
 

Fibre2fashion News Desk - India

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