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.