Taiwan's Far Eastern to acquire Texas polyester plant
30 Mar 18 1 min read
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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