Alpek – a leading petrochemical company – is all set to buy polyethylene terephthalate (PET) producer Petroquimica Suape (PQS) for $385 million.
Currently owned by Brazil’s Petrobras, PQS owns a 700,000 mt/year PTA plant as well as a 450,000 mt/year PET plant in Ipojuca, Pernambuco, Brazil. After the acquisition, Alpek will own all these assets as well as Citepe – a polyester unit.
Alpek already owns Mexico’s polypropylene producer Indelpro and DAK Americas, which produces PET in the US, Mexico, Canada and Argentina.
The deal is awaiting corporate approvals as well as approvals by the appropriate governmental authorities.
Petrobras is divesting assets – except for its core oil and gas exploration and production divisions – and this deal is part of the same divesting drive.
Alpek owns 23 factories in 6 countries and it is Latin America’s largest polyester manufacturer.
More on PET markets in Mexico, Brazil as well as the larger South/Central America, Andean and Caribbean region will be discussed at CMT’s 5th SCAPET scheduled on 7-8 June, 2017 in Medellín, Colombia.