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TPG Opportunities picks minority stake in M&G Chemicals
20
Nov '14
Producer of polyethylene terephthalate (PET), M&G Chemicals said it will issue $300 million in new equity to TPG Opportunities Partners, which will enable TPG to take a minority stake in M&G Chemical.

M&G Chemicals is among the three largest producers of PET resin in the world, and the second largest in the Americas with nearly 1.4 million tons of annual of installed capacity.

“This capital infusion will not only enable us to grow and solidify our position as a leader in the global PET market, but will also allow us to take advantage of market opportunities as they arise,” Marco Ghisolfi, CEO at M&G Chemicals said.

M&G Chemicals has several large expansion projects underway, including construction of the world’s largest integrated PTA/PET facility in Texas, USA as well as a project in China to develop and industrialize a green PET supply chain of raw materials from renewable sources.

“M&G Chemicals remains committed to investing in the development of innovative PET products that serve the needs of our customers, both today and in the future,” Ghisolfi added.

“We believe that M&G Chemicals projects are very unique in the polyester space and we look forward to supporting the company in their execution,” TPG said in a statement.

M&G Chemicals employs more than 900 employees at 14 locations in six countries around the world and in 2013; it posted revenue of €1,675 million.

M&G Chemicals has manufacturing locations in Brazil, Mexico and the US. Its plants in Suape, Brazil and Altamira, Mexico are the two largest single lines and most efficient in the world, based on proprietary technology.

Through its engineering division Chemtex, M&G Chemicals provides technological development, research and engineering services for the construction of plants for customers in the polyester chain, including PET, polyester fibre and PTA production. (AR)

Fibre2fashion News Desk - India

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