Indorama wants to buy M&G West Virginia PET plant – Bangkok-based materials company Indorama Ventures Public Co. Ltd. is bidding to buy the West Virginia PET plant and Ohio research and development site of bankrupt M&G Polymers USA LLC. -Indorama Mossi Ghisolfi West Virginia PET plant - Arhive
Indorama wants to buy M&G West Virginia PET plant
Wilmington, Del. — Bangkok-based materials company Indorama Ventures Public Co. Ltd. is bidding to buy the West Virginia PET plant and Ohio research and development site of bankrupt M&G Polymers USA LLC.
Indorama, through its U.S. subsidiary Indorama Ventures Holdings LP U.S., was named as a stalking horse bidder for the Apple Grove, W.Va., and Sharon Center, Ohio, facilities in court documents filed Jan. 12 with the U.S. Bankruptcy Court in Wilmington.
M&G entered Chapter 11 protection with the court in October, one week after its parent firm, Mossi Ghisolfi Group, took the same step in in its home nation of Italy.
The court documents list a sale price of $10 million for the Ohio and West Virginia operations, although another bidder could step forward with a higher offer. The court set a hearing for Feb. 1 to approve the sale.
The proposed purchase does not include M&G’s proprietary Barrier IP assets, including the intellectual property related to the production of the MGC PoliProtect barrier resin.
Production in Apple Grove halted Oct. 22, according to court filings. It has annual capacity of about 800 million pounds.
M&G historically used Sharon Center to develop new products and processes and conduct quality testing.
In a separate process, M&G is seeking a buyer for its massive “Jumbo” PET facility in Corpus Christi, Texas. That location is only partially finished.
Related Topics