Two La Seda plants to be sold for €15m, no redundancies expected

03 February 2014 17:11 Source:ICIS News

LONDON (ICIS)--Two facilities owned by insolvent La Seda de Barcelona (LSB) are expected to be sold this week to fellow Spain-based producer Cristian Lay for €15m, a Cristian Lay source said on Monday.

T
he facilities include an 170,000 tonne/year polyethylene terephthalate (PET) unit in El Prat de Llobregat, Barcelona, and an 135,000 tonne/year ethylene oxide (EO) and 100,000 tonne/year ethylene glycol (EG) plant belonging to LSB subsidiary Industrias Químicas Asociadas (IQA) in Tarragona, Spain.

Cristian Lay, a jewellery manufacturer, was awarded the acquisition after it made a commitment to maintain the workforce.

“We haven’t got official confirmation from the Commercial Court in Barcelona yet, but we expect it this week and are confident we’ll keep the two units,” said the source.

“There were six other companies interested in acquiring the two plants for the same money, but our offer exceeded them because we made the commitment not to make any redundancies at the units,” she added.

Cristian Lay’s source said the company is confident it will keep the plants, but will make an announcement following official confirmation from the Commercial Court.

LSB, which entered liquidation on 30 January, operates PET plants in Spain, Turkey and Italy as well as a recycling site in Italy and the EO and EG units through upstream business IQA. It is also a major shareholder in Portugal’s Artlant PTA.

By Jonathan Lopez