Corpus Christi Polymers LLC S.A.B. de C.V. (“Alpek”), Indorama Ventures Holdings LP (“Indorama”), a subsidiary of Indorama Ventures Public Company Limited, and Far Eastern Investment (Holding) Ltd. (“Far Eastern”) – has signed an asset purchase agreement with M&G USA Corp. and its affiliated debtors (“M&G”). According to the agreement, CC Polymers will acquire the integrated PTA-PET plant Project”), certain M&G intellectual property, and a desalination/boiler plant providing water and steam needs to the Corpus Christi Project.
The Corpus Christi Project currently under development is an integrated PTA-PET plant of the nominal capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively. The plant will be the largest single line vertically integrated PTA-PET production facility in the world and the largest PTA plant in the Americas.
According to the terms of the newly formed joint venture:
- CC Polymers will get resources from the parties to complete the project in the most efficient and cost-effective way.
- The production capacity of the new plant will be equally shared by Alpek, Indorama, and Far Eastern and will be one-third of the capacity of PTA and PET produced. Procurement of raw materials, selling and distribution activities of PTA and PET will be managed independently by each party themselves.
Alpek is an integrated producer of PTA and PET in North America, the largest expandable polystyrene manufacturer in the Americas, and the only producer of caprolactam in Mexico.
Indorama Ventures Public Company Limited, is one of the world’s leading petrochemicals producers, with a global manufacturing footprint.
Far Eastern is a wholly owned subsidiary of Far Eastern New Century Corporation (“FENC”), a publicly traded company in Taiwan.