La Seda close to selling PET plants in Italy, Portugal and Spain

22 September 2010 17:49  [Source: ICIS news]

LONDON (ICIS)--La Seda de Barcelona is close to selling three of its polyethylene terephthalate (PET) assets in Europe following the recently successful 59% divestment of its facility at Sines, Portugal, a company source said on Wednesday.

As part of its restructuring plan, La Seda de Barcelona was in talks with potential buyers for its plants at Portalegre, Portugal; SIMPE, Italy; and San Roque, Spain, the source said, who was speaking in Spanish.

Four other La Seda sites in Spain, Italy, Turkey and Greece were not for sale and were running at full capacity, the source added.

Following a period of consolidation among European PET producers and fewer imports of the material, the PET market has tightened, buyers and sellers agreed.

The current availability situation has led to an increase in prices, coupled with unexpectedly high feedstock costs.

For September contracts, sellers are targeting price increases of €30-50/tonne ($40-67/tonne) from the August price range of €1,050-1,100/tonne FD (free delivered) Europe.

In June, La Seda sold Industrias Quimicas Asociadas (IQA), its ethylene oxide (EO) facility in Spain, to American Industrial Acquisition Corp (AIAC) for €23m.

La Seda is due to hold an extraordinary shareholders meeting on 14 October, which will also see the election of a new board member, according to the source.

($1 = €0.75)

For more on PET, MEG and PX, visit ICIS chemical intelligence
Please visit the complete ICIS plants and projects database
To discuss issues facing the chemical industry go to
ICIS connect

By: Caroline Murray
44208 652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index