Home / Knowledge / News / Textiles / IVL's JV to acquire integrated PTA-PET plant in Texas
IVL's JV to acquire integrated PTA-PET plant in Texas
22
Mar '18
Courtesy: Indorama Ventures
Courtesy: Indorama Ventures
Corpus Christi Polymers LLC (CC Polymers) has entered into an asset purchase agreement with M&G USA Corp. to acquire the integrated PTA-PET plant currently under construction in Corpus Christi, Texas (Corpus Christi Project), certain M&G intellectual property, and a desalination/boiler plant providing water and steam needs to the Corpus Christi Project.

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


Must ReadView All

Courtesy: Businesswire/PrimaLoft

Textiles | On 18th Nov 2018

PrimaLoft unveils PrimaLoft Bio Performance Fabric

PrimaLoft, a leader in advanced material technology, has unveiled...

Higher sales and earnings at Macy's in Q3FY18

Fashion | On 18th Nov 2018

Higher sales and earnings at Macy's in Q3FY18

Higher sales and earnings were recorded at Macy’s, one of the premier ...

Courtesy: Amazon

Apparel/Garments | On 18th Nov 2018

Amazon's new headquarters in New York City, Arlington

Amazon is setting up two new headquarters, one in New York City and...

Interviews View All

Kaizad Hansotia, GetNatty

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Top executives, Textile industry

Top executives
Textile industry

Sri Lanka has a good sustainable track record and strong stories to back it

Rahuul Jashnani, Jashn

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Ashish M Amin,

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search