Alpek, S.A.B. de C.V. (BMV: ALPEKA) (“Alpek”), one of the largest petrochemical companies in the Americas, announced on 29th of October that one of its subsidiaries has signed an agreement with Lotte Chemical Corporation to acquire a 100% stake in Lotte Chemical UK Limited, which owns and operates a 350,000 ton per year polyethylene terephthalate (“PET”) facility in Wilton, United Kingdom.
"This acquisition is well aligned with Alpek’s growth strategy, creating substantial value by integrating the asset into our global polyester footprint, marking our first acquisition outside of the Americas, and growing our current worldwide PET capacity to 2.8 million tons," said José de Jesús Valdez, Alpek’s CEO. "Moving forward, our team is focused on executing a seamless integration to capitalize on existing momentum and capture synergies."
The terms of the agreement have not been disclosed, and the acquisition is expected to be completed in the
fourth quarter of 2019 subject to customary government approvals.
About the company
Alpek is a leading petrochemical company in the Americas, operating two business segments: Polyester (PTA, PET and polyester fibers), and Plastics & Chemicals (polypropylene, EPS, caprolactam, and other specialty and industrial chemicals).
Alpek is a leading producer of PTA and PET worldwide, the largest expandable polystyrene manufacturer in America, and the only producer of caprolactam in Mexico. Alpek also operates one of the largest polypropylene facilities in North America.
