Three multinational materials companies, including Taiwan Far East Investment Co., Ltd., formed a joint venture to acquire the unfinished PET resin and raw material plant in Cops Christi, Texas, USA. The purchase price is estimated at US$1.125 billion.
The joint venture formed by the three parties was named Kapus Christi Polymer Materials Co., Ltd., and the other two parties were Alpike Mexico and Indian Ramadha Enterprises Holdings.
The relevant person announced on March 21 that the large factory under construction could produce PET of about 2 billion pounds per year. The plant was suspended last year because the controlling company M&G Group filed for bankruptcy protection in Italy and the United States. The acquisition agreement includes Some of M&G's intellectual property rights also included a boiler plant that supplied water and steam to the plant.
In addition to paying $1.125 billion in cash, the agreement also includes 'other financing terms'. The plant is currently 80% built, and when it is put into use, it is expected to become the world's largest single vertical integration PTA-PET production plant, also the largest in the United States. PTA factory.
The plant's annual PET capacity will reach 2.4 billion pounds, PTA's output will reach 2.9 billion pounds. The project's final completion time needs further confirmation.
After the plant is completed and put into production, each of the three parties to the joint venture can use one-third of its production capacity. Each of the three parties independently purchases raw materials and independently sells finished products PTA and PET.
The transaction still needs to wait for the approval of the bankruptcy court and the government department. This is Taiwan Far East Investment Co., Ltd.'s second participation in the acquisition of Copworth Christie's factory. Prior to the investment company's Far East New Century Group had invested in the acquisition of the original M&G assets.
In February of this year, it acquired two original M&G assets: the PET plant in West Virginia, USA, and an R&D center in Ohio. Indira, Thailand also participated in bidding for these assets. The Far East New Century Group based in Taipei Also produces fiber, hemp, textiles and clothing.