Spain’s LSB to sell Portugal PET plant to Control PET for €5.6m

29 June 2011 13:00  [Source: ICIS news]

PET chipsLONDON (ICIS)--Spain’s La Seda de Barcelona (LSB) has agreed to sell its Portugal-based polyethylene terephthalate (PET) production plant to Control PET SGPS for €5.6m ($8.1m), it said on Wednesday.

The amount will be paid in 2011-2015 and the sales value may increase according to the company’s productivity during this period, said LSB.

Industrial activity at the 70,000 tonne/year plant was halted in 2010 but the acquisition will result in it being brought back into operation from July. The facility is part of LSB’s PET division, Artenius.

LSB began a restructure in 2009 which involved the closure of five plants, including the Artenius Portugal facility.

“This transaction is a further step in La Seda de Barcelona’s ongoing divestment process of non-strategic assets within the company’s strategic plan,” said LSB in a statement.

“In this sense, Artenius Portugal is not complying with the technology, location and size criteria which set the path for LSB’s future.”

Control PET SGPS is a subsidiary of Portugal’s Imatosgil Group (IMG).

($1 = €0.70)

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By: Tanzeel Akhtar
+44 208 652 3214



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