Indorama Ventures is considering buying a M & G PET plant in the US – Indorama Ventures Mossi Ghisolfi PET US - Arhive
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Indorama Ventures is considering buying a M & G PET plant in the US
MOSCOW- Thailand’s Indorama Ventures Ltd (IVL) said it will allocate 1.3 billion baht in the third quarter of this year for a possible purchase of M & G Polymers USA, which recently filed for bankruptcy, ICIS reported.
IVL is a long-term supplier of terephthalic acid (TPA) for M & G, which produces polyethylene terephthalate (PET), the Thai Stock Exchange said in a statement.
“M & G Group is the third largest PET producer in North America, and its financial difficulties have had a major impact on supply and demand in the region, and IVL and other manufacturers are trying to solve this problem in order to keep markets,” the IVL said.
According to the analyst of the Thai brokerage company Krungsri Securities, the bankruptcy application of M & G will affect the construction of a PET production capacity of 1.1 million tons per year per year in Corpus Christi, Texas.
IVL does not exclude the possibility of acquiring this plant.
Earlier it was reported that Mexican Alpek was working with Italian Mossi & Ghisolfi (M & G) and its creditors to quickly find a temporary solution for launching a plant for the production of polyethylene terephthalate (PET) in the Mexican city of Altamira. The plant with a capacity of 560 thousand tons of PET per year in Altamira was stopped after last month Alpek stopped supplying purified terephthalic acid (TPA) to the company, as well as M & G production in Brazil, as M & G did not pay.
PET M & G’s capacities in the region include 350,000 tons per year in the US, 590,000 tons per year in Mexico and 460,000 tons per year in Brazil.
According to the Price Review of ICIS-MRC , according to several Russian PET producers, contract customers in October choose reduced volumes of material. The price levels in September, in general, remain on the market in October. Alco-Nafta raised the upper limit of spot prices to the level of 83 thousand rubles. per ton, CPT Moscow, including VAT.
Indorama Ventures PLS is one of the world’s leading manufacturers of PET, TPA, MEG (in the US), as well as polyester yarns and fibers.
Mossi & Ghisolfi (M & G) is a group of petrochemical and engineering companies headquartered in Tortona, Italy. Its wholly owned subsidiary Mossi & Ghisolfi International SA (M & G International) produces PET and is one of the largest producers of packaging PET granulates in the Americas. Total production of PET M & G International is about 1.6 million tons per year.
mrcplast.ru
Author: Anna Larionova
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