La Seda de Barcelona to sell Spain PET plant to Cepsa Quimica

19 November 2010 11:27  [Source: ICIS news]

LONDON (ICIS)--La Seda de Barcelona has reached an agreement to sell its polyethylene terephthalate (PET) production plant at San Roque, Spain, to petrochemical major Cepsa Quimica, the Spain-based plastics producer said on Friday.

La Seda de Barcelona, which did not disclose the financial details of the deal, said that the sale process would be completed within a few weeks.

The sale of the plant, which has a production capacity of 175,000 tonnes/year, is part of La Seda’s continuing effort to carry out a wide-ranging restructuring plan involving the divestment of non-strategic assets.

With the acquisition, Cepsa Quimica would extend its presence in the polyester value chain, La Seda said.

The San Roque plant was expected to be operational again in early 2011, La Seda added.

La Seda has also been looking to sell two more of its PET assets in Europe following the 59% divestment of its facility at Sines, Portugal.

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By: Franco Capaldo
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