Latest Plastics & rubber News
Alpek, Indorama & Far Eastern Consortium to Buy M&G Texas PTA-PET Plant
A newly formed joint venture consisting of Alpek, Indorama Ventures and Far Eastern New Century have agreed to purchase the bankrupt M&G USA Corp. PTA-PET plant in Texas for $1.125 billion in cash and other capital contributions. The PTA-PET plant in Corpus Christi is currently under construction. After completion, it is expected to have a capacity of about 1.2 million metric tons per year of PET and PTA, respectively, which will make this plant the largest single vertically integrated PTA-PET production site in the world and the largest PTA plant in the Americas. Each of the three companies of the Joint Venture will have the right to receive one-third of the PTA and PET produced by the Corpus Christi plant.
Alpek is a leading petrochemical company in Mexico. Its main operating business segments are polyester resins and fibers (PTA, PET), polypropylene (PP), expandable polystyrene (EPS), caprolactam, and many other specialty and industrial chemicals. Alpek is the largest expandable polystyrene manufacturer in the Americas, and the only producer of caprolactam in Mexico. The company also operates one of the largest polypropylene production plants in North America. In 2017, Alpek had revenues of about U.S. $5.2 billion and EBITDA of U.S. $384 million. The Company operates 23 plants in the United States, Mexico, Canada, Brazil, Argentina and Chile, and employs more than 5,000 people.
Source: Alpek Press Release, March 21, 2018
Sonoco Acquires Highland Packaging Solutions
Sonoco, a major global packaging company, announced it has signed a definitive agreement to acquire Highland Packaging Solutions for approximately $50 million in cash. The transaction is expected to close in the second quarter of 2018. Highland is a privately-owned manufacturer of large volume thermoformed plastic packaging for fresh produce. The acquisition will strengthen Sonoco's position in the fresh food packaging market.
Sonoco is a global manufacturer and supplier of consumer packaging, as well as industrial products. The company has annual net sales of approximately $5 billion. The Company employs about 21,000 people working in more than 300 operations in 33 countries. Sonoco is ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies 2018 list.
Source: Sonoco Press Release, March 22, 2018
Plaskolite to Acquire Covestro's PC and Lucite's Acrylic Sheet Manufacturing Business
Plaskolite LLC, North America’s largest acrylic sheet manufacturer, agreed to acquire the North American polycarbonate sheet manufacturing business of Covestro and Lucite's continuous cast acrylic sheet business. These acquisitions makes Plaskolite the leading manufacturer of polycarbonate and polyacrylic sheets in North America and the only manufacturer in North America that offers a complete clear sheet product portfolio.
Plaskolite is the largest privately owned North American manufacturer of clear thermoplastic sheet products. Its customized products are used in a wide variety of applications, including windows, doors, signs, displays, lighting, and bathroom sheet products. The company is headquatered in Columbus, Ohio USA and operates several facilities throughout North America and Europe.
Source: Plaskolite Press Release, February 12, 2018 & March 22, 2018