Major PET producer La Seda de Barcelona (Barcelona / Spain; www.laseda.es) is upbeat about the outlook going forward after doubling its EBITDA in the first half of 2010 and concluding its financial restructuring – see Plasteurope.com of 20.08.2010. In its report on the period January-June 2010, the Spanish group called the 123% year-on-year increase in consolidated EBITDA to EUR 30.3m “a change in trend.” Sales totalled EUR 473m, La Seda said, without giving a comparative figure. PET resin sales rose by 30% in June 2010 against June 2009 – see Plasteurope.com of 22.07.2010.

Due to improved demand and complete utilisation of its production facilities, La Seda expects to post sales of EUR 950m to EUR 1 bn for full year 2010, an improvement of 26% against 2009. EBITDA is forecast to range from EUR 61-66m after a loss of EUR 67m in 2009. After selling unprofitable plants, launching new products and refocusing on recycling and the packaging market, the group expects to widen its gross margin on PET resins production by 33%.
In the process of financial restructuring, La Seda has reduced its net debt by 26.6% to EUR 763m. The group also recently carried out an equity increase of EUR 226m, backed by Portuguese bank Caixa Geral, which has provided a 15-year EUR 371m loan to allow the planned new PTA line in Sines / Portugal to go ahead – see Plasteurope.com of 02.02.2010.