05 January 2011 18:07 [Source: ICIS news]
LONDON (ICIS)--CEPSA has bought polyethylene terephthalate (PET) producer Artenius San Roque from La Seda de Barcelona in a deal worth €34m ($45m), the Spanish companies said on Wednesday.
CEPSA subsidiary CEPSA Quimica will take over and restart the 175,000 tonne/year idled PET plant at San Roque in Spain as part of the deal.
This would make CEPSA Quimica one of only two global producers of purified terephthalic acid (PTA), PET and purified isophthalic acid (PIP), CEPSA said.
The purchase price includes 100% of Artenius San Roque's shares and the company’s debt, the sale being made as part of the restructuring of its parent company, La Seda de Barcelona.
CEPSA said that Artenius San Roque will be renamed CEPSA Quimica PET and will restart the San Roque PET plant, idled since September 2008, in the first quarter.
CEPSA Quimica currently operates PTA and PIP lines in Spain and the Artenius San Roque acquisition provides captive use for PTA (the raw material for PET) and optimisation of logistics and costs, CEPSA said.
($1 = €0.75)
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