09 December 2009 14:44 [Source: ICIS news]
TORONTO (ICIS news)--Portuguese firm IMATOSGIL GROUP (IMG) has bought PTT Poly Canada’s 95,000 tonne/year poly trimethylene terephthalate (PTT) plant in Montreal and plans to convert it to polyethylene terephthalate (PET) production, with start-up in the third quarter of 2010, it said on Wednesday.
The facility would operate under the name Selenis, IMG said. It did not disclose financial terms or what the plant's PET capacity will be be after the conversion.
IMG’s plan comes amid weak PET demand as the industry has not yet recovered from its slump and 2010 growth is expected to be anaemic, according to John Cummings, an independent Toronto-based petrochemicals analyst.
PTT Poly Canada, a joint venture between Shell and Quebec’s government investment agency Société générale de financement du Québec (SGF), said earlier this year it would shut down the loss-making Montreal plant, which started up in 2004.
IMG is a diversified Portugal-based firm with interests in finance, private equity, petrochemicals, real estate and renewable energy.
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