Alfa to buy Wellman's PET business for $185m

16 June 2011 22:47  [Source: ICIS news]

HOUSTON (ICIS)--A subsidiary of Mexican conglomerate Alfa plans to acquire the polyethylene terephthalate (PET) business of Wellman for $185m (€131m), the company said on Thursday.

Under the deal, Alfa subsidiary DAK Americas will acquire Wellman's sole PET plant in Bay St Louis, Mississippi, which has a capacity of 430,000 tonnes/year, Alfa said.

The deal should close in the second half of the year, pending regulatory approval.

"With this transaction, our subsidiary DAK Americas will increase its efficiency, gaining flexibility and broadening its range of products to better serve the needs of our customers," according to a statement by Alvaro Fernandez, general director of Alfa.

($1 = €0.71)

For more on PET visit ICIS chemical intelligence

By: Al Greenwood
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