M&G sells $350,000,000 PET sourcing agreement to Alpek
The company also acquires IntegRex(r) PTA Technology License for use in Corpus Christi M&G PTA-PET construction project.
M&G Group, announces that it has signed a Licensee Agreement with Alpek, S.A.B. de C.V. (Alpek) for IntegRex(r) PTA technology. The technology will be used in the construction of M&G's previously announced 1,200,000 MT per annum PTA plant at Corpus Christi, Texas. M&G also announces that Alpek has purchased for a price of $350,000,000, a multiyear sourcing agreement covering rights to 400,000 MT of PET (made with 336,000 MT of integrated PTA) per year.
M&G will fully own and independently construct and operate both the PET and PTA plants, will use the vast majority of the plants' output - 600,000 MT of PET and 864,000 of PTA - to grow with its PET clients in North America and to captively source part of its other PTA requirements in North America.
Both the PTA plant and M&G's proprietary 1,000,000 MT per annum PET plant are expected to begin production in 2016.
Marco Ghisolfi, CEO of M&G states, "Thanks to the unique and experienced world class engineering of Chemtex and Sinopec we will be the first to scale up IntegRex(r) PTA technology to this level. It is through the combination of the up-scaled IntegRex(r) PTA technology and the innovative M&G Easy-up(r) PET Technology that we will be introducing at Corpus Christi the most efficient, state of art, PTA-PET plants in the Americas."