CC Polymers is a newly formed joint venture between Alpek, S.A.B. de C.V. (Alpek), Indorama Ventures Holdings LP (Indorama), a subsidiary of Indorama Ventures Public Company Limited (IVL), and Far Eastern Investment (Holding) Ltd. (Far Eastern).
The purchase agreement provides M&G with a binding bid of $1.125 billion in cash and other capital contributions, an IVL press release said.
The Corpus Christi Project is an integrated PTA-PET plant currently under development that, when completed, will have nominal capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively. The plant is expected to be the largest single line vertically integrated PTA-PET production facility in the world and the largest PTA plant in the Americas.
Pursuant to the terms of the newly formed joint venture, the parties will provide resources to CC Polymers to complete the project in the most efficient and cost-effective way. A timeline for project completion will be communicated at a later stage.
Upon completion, each of Alpek, Indorama, and Far Eastern will have the right to receive one-third of the capacity of PTA and PET produced at the Corpus Christi Project. Each party will independently procure its raw materials and will independently sell and distribute its corresponding PTA and PET. (RKS)
Fibre2Fashion News Desk – India
Textiles | On 18th Nov 2018
PrimaLoft, a leader in advanced material technology, has unveiled...
Fashion | On 18th Nov 2018
Higher sales and earnings were recorded at Macy’s, one of the premier ...
Apparel/Garments | On 18th Nov 2018
Amazon is setting up two new headquarters, one in New York City and...
Competition is the best thing that can happen to a startup
Sri Lanka has a good sustainable track record and strong stories to back it
‘Online economy has changed the whole dynamics of buying habits.’
Galvanin has more than 50 years of experience in the production of textile ...
Premier Looms is a leading provider of cutting-edge machinery and...
India-headquartered Lulu & Sky is a rapidly escalating brand with the...
Coating at a fibre level is a practice not usually seen in the...
Pierre Wiertz talks about the vast world of sustainable nonwovens and...
Technical Absorbents Ltd
Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
She grew up in the walled city of Old Delhi, completed her studies, and...