La Seda de Barcelona raises €97m from Artenius Sines stake

16 September 2010 18:10  [Source: ICIS news]

LONDON (ICIS)--La Seda de Barcelona has raised €96.9m ($125.8m) after divesting 59% of its stake in Artenius Sines, a 700,000 tonne/year purified terephthalic acid (PTA) plant being built in Portugal, the Spain-based plastics producer said on Thursday.

La Seda reduced its stake in the Artenius Sines plant to 41% as part of a continuing effort to carry out a wide-ranging restructuring plan involving the divestments of non-strategic assets, the group added.

The new owners of the remaining shares in Sines are made up of three Portuguese investment funds: ECS Capital (through Fundo Recuperacao), which owns 29%; Caixa Capital with 19%; and InovCapital with an 11% share, La Seda said.

“Once it has been set up, Sines plant is a financially interesting project with an estimated income of €430m,” said Jose Luis Morlanes, chairman of La Seda de Barcelona.

“Nevertheless, it is not a strategic asset, as the PTA production does not fit in the company’s new corporate strategy,” he added.

La Seda began construction on the Artenius Sines plant in March 2008 with an investment of €427m. The PTA plant is due to start up in the second half of 2011, it added.

($1 = €0.77)

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By: Franco Capaldo
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