LA SEDA
El Prat and Tarragona plants reported sold to Spanish jewellery and cosmetics group / Indorama ready to nab TurkPET / Cepsa seen to take Portuguese PTA plant
 La Seda's assets are being sold off piece by piece (Photo: La Seda) |
After the Barcelona commercial court overseeing the insolvency proceedings of erstwhile PET powerhouse La Seda (Barcelona / Spain; www.laseda.es) approved the company’s application for liquidation on 30 January – see Plasteurope.com of 03.02.2014 – “fire sales” appear to be proceeding apace. Spanish news reports not yet officially confirmed have it that the plants at El Prat de Llobregat and Tarragona have been sold to Cristian Lay (Badajoz / Spain; www.cristianlay.com), a manufacturer of designer jewellery, watches and cosmetics, for only EUR 15m.
According to Plasteurope.com's Polyglobe capacity database (www.polyglobe.net), the facilities reported acquired have capacity for 170,000 t/y of PET polymer at El Prat and combined capacity for 200,000 t/y of feedstocks ethylene oxide and MEG at Tarragona. What the buyer plans to do with the plants is as yet unclear. Cristian Lay, which last reported annual sales of EUR 150m, recently began a diversification drive that so far has pointed in the direction of the chemicals sector and its periphery. Apart from La Seda, recent takeovers include natural gas distributor Gas Extremadura and packaging producer Ondupack.
In January, Logoplaste (Cascais / Portugal; www.logoplaste.com), was considered to be the most promising candidate to acquire La Seda’s PET processing arm, APPE (Wrexham / UK; www.appepackaging.com) – see Plasteurope.com of 10.01.2014. In the meantime, Compañía Española de Petróleos (Cepsa, Madrid / Spain; www.cepsa.com) and PET global market leader Indorama Ventures (IVL, Bangkok / Thailand; www.indorama.net) have been named as potential bidders for other parts of the insolvent company. Cepsa is likely to have its eyes on the relatively new 700,000 t/y PTA plant at Sines / Portugal.
In Turkey, reports say antitrust authorities are considering an offer by Indorama Netherlands to take over all of Artenius TurkPET. According to Polyglobe, the company owns a 140,000 t/y plant at Adana / Turkey. Through its joint venture in Sardinia, Ottana Energia (Ottana / Italy; www.ottanaenergia.com), Indorama also is believed to be one of four bidders for La Seda’s last remaining PET polymerisation plant, a 200,000 t/y line at San Giorgo di Nogara in northern Italy.
According to Plasteurope.com's Polyglobe capacity database (www.polyglobe.net), the facilities reported acquired have capacity for 170,000 t/y of PET polymer at El Prat and combined capacity for 200,000 t/y of feedstocks ethylene oxide and MEG at Tarragona. What the buyer plans to do with the plants is as yet unclear. Cristian Lay, which last reported annual sales of EUR 150m, recently began a diversification drive that so far has pointed in the direction of the chemicals sector and its periphery. Apart from La Seda, recent takeovers include natural gas distributor Gas Extremadura and packaging producer Ondupack.
In January, Logoplaste (Cascais / Portugal; www.logoplaste.com), was considered to be the most promising candidate to acquire La Seda’s PET processing arm, APPE (Wrexham / UK; www.appepackaging.com) – see Plasteurope.com of 10.01.2014. In the meantime, Compañía Española de Petróleos (Cepsa, Madrid / Spain; www.cepsa.com) and PET global market leader Indorama Ventures (IVL, Bangkok / Thailand; www.indorama.net) have been named as potential bidders for other parts of the insolvent company. Cepsa is likely to have its eyes on the relatively new 700,000 t/y PTA plant at Sines / Portugal.
In Turkey, reports say antitrust authorities are considering an offer by Indorama Netherlands to take over all of Artenius TurkPET. According to Polyglobe, the company owns a 140,000 t/y plant at Adana / Turkey. Through its joint venture in Sardinia, Ottana Energia (Ottana / Italy; www.ottanaenergia.com), Indorama also is believed to be one of four bidders for La Seda’s last remaining PET polymerisation plant, a 200,000 t/y line at San Giorgo di Nogara in northern Italy.
07.02.2014 Plasteurope.com [227473-0]
Published on 07.02.2014
German version of this article...