Home / Knowledge / News / Textiles / EU approves UPC-GPT JV for polyester chains in EEA
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


Must ReadView All

Pic: Shutterstock

Textiles | On 19th Oct 2021

11 European nations seek ambitious measures to tackle waste in textile

Eleven European countries—Austria, Belgium, Denmark, Finland, France, ...

Pic: Shutterstock

Textiles | On 19th Oct 2021

Industrial units in Vietnam’s HCM City hit by labour shortage

Several Vietnamese industries, especially labour-intensive ones like...

Pic: German Embassy Phnom Penh

Textiles | On 19th Oct 2021

Consortium comprising GIZ, others to address textile waste in Cambodia

An international consortium initiated by Deutsche Gesellschaft für...

Interviews View All

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Textile Industry, Head honchos

Textile Industry
Head honchos

Consistency is the first rule of social media

Chendhuran Sundar,

Chendhuran Sundar

Headquartered at Singapore, Crocodile is a global fashion and lifestyle...

Raiyan Islam,

Raiyan Islam

Founded in 1981 by Sayeeful Islam, Concorde Garments Group is a market...

Barry Goodwin,

Barry Goodwin

UK based Amba Projex Ltd designs, manufactures, and installs industrial...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Daniel Roxbury, University of Rhode Island

Daniel Roxbury
University of Rhode Island

Assistant professor Daniel Roxbury and former URI graduate student...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by <b>Aprajita Toor</b> were born out of a deep desire to...

Manish Malhotra, Label Manish Malhotra

Manish Malhotra
Label Manish Malhotra

A multitalented designer and founder of an eponymous label, Manish...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

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


October 2021

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


Advanced Search