Far Eastern Investment

The US Federal Trade Commission approved, with conditions, the $1.1 billion bankruptcy sale of M&G USA's unfinished plastic resin factory in Corpus Christi, Texas, to Corpus Christi Polymers LLC.

The Federal Trade Commission cleared Corpus Christi Polymers LLC, a joint venture of Alpek, Indorama Ventures and Far Eastern New Century, to acquire a $1.1 billion plastic material production plant in Corpus Christi, Texas, as part of a settlement resolving antitrust concerns.

Alpek Polyester's operational subsidiary DAK Americas has agreed to acquire the Perpetual PET recycling plant of Perpetual Recycling Solutions in Richmond, Indiana, with capacity of 45,000 tonnes of rPET flake per year; financial terms are undisclosed and completion is scheduled for Q1 2019.

Indorama Ventures, Far Eastern Investment and Alpek set up a JV called CC Polymers to acquire M&G's integrated PET/PTA assets in Corpus Christi, Texas for US$1.125 billion. Each partner will invest around US$375 million for one-third offtake. The plant has annual capacity of 1.1 million MT of PET and 1.3 million MT of PTA.

A joint venture investment group entered an agreement to acquire the M&G plastics production plant in Corpus Christi, Texas for $1.125 billion. The partially built facility has a planned capacity of 1.1 million metric tons per year.

Corpus Christi Polymers LLC, a joint venture of Alpek, Indorama, and Far Eastern, has entered into an asset purchase agreement to acquire M&G's integrated PTA-PET plant under construction in Corpus Christi, Texas, for $1.125 billion.

Corpus Christi Polymers LLC, a joint venture of Alpek, Indorama Ventures and Far Eastern Investment, agreed to acquire M&G USA Corp.'s integrated PTA-PET plant under construction in Corpus Christi, Texas, for $1.125 billion. The plant will have nominal capacity of 1.1 million metric tons of PET and 1.3 million metric tons of PTA per year.