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Home / Knowledge / News / Textiles / Taiwan's Far Eastern to acquire Texas polyester plant
Taiwan's Far Eastern to acquire Texas polyester plant
30
Mar '18
Taiwanese polyester and textile maker Far Eastern New Century Corp (FENC) plans to spend $375 million to acquire a US-based polyester plant through a joint venture between its wholly-owned subsidiary Far Eastern Investment (Holding) Ltd , Thailand-based Indorama Ventures Holdings LP and Mexico-listed Alpek SAB de CV to broaden customer base, according to the firm.

The factory to be acquired is a under-construction polyester plant owned by M&G USA Corp in Texas near the Gulf of Mexico, a crucial site that offers cheaper raw materials for global petrochemical companies, according to a report in a Taiwanese newspaper.

The joint venture, Corpus Christi Polymers LLC, would be FENC’s largest investment in the US and would help expand its Latin American customer base.

The plant will have a capacity of producing 1.3 million tonnes of purified terephthalic acid and 1.1 million tonnes of polyethylene terephthalate (PET), according to the report.

M&G filed for bankruptcy protection in November last year. FENC had last month announced its plan to acquire another plant owned by M&G in West Virginia. (DS)

Fibre2Fashion News Desk – India


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