LA SEDA DE BARCELONA
Company returns to the stock market / Expansion in PET output
Spain's troubled fibre and chemical producer, La Seda de Barcelona SA (Major 47, E-08820 El Prat de Llobregat (Barcelona)), returned to the stock exchange earlier this year after five years of financial crisis. The group has refocussed activities and plans significant investments in PET production. A new company Catalana de Polimers (Avda. Remolar 2, E-08820 El Prat de Llobregat / Barcelona) was set up last year for this purpose.
La Seda's troubles date back to 1991 when after two years of heavy losses its majority shareholder Akzo decided to divest its shareholding. It sold its stake to a Barcelona lawyer, Jacinto Soler Padro, but the deal was disputed by various official entities. The conflict was eventually resolved in December 1995 with Akzo's shares split between La Seda, Iberseda, a company formed by La Seda board members and Soler Padro.
Under the direction of its president Rafael Español La Seda's operations have been separated into three distinct areas: polyamides (Division Alcala, Carretera de Camarma, s/n, E-28806 Alcala de Henares / Madrid), Rayon (Division Rayon, Mayor 47, E-08820 El Prat de Llobregat / Barcelona) and PET polymers (Catalana de Polimers). Current capacity for PET is 35,000 t/y and output for 1995 was just over 30,000 t. La Seda is planning investments of EPS 6.2bn over the next two years to increase PET production to 85,000 t/y with a further expansion to 120,000 t/y planned. PET demand grew 13% in Spain in 1995 with consumption put at 81,800 t.
Its polyamide division is primarily involved in the manufacture of fibre grade material although some 5,000 t of polymer grade were also produced during 1995 primarily for injection moulding applications in the automotive industry. – La Seda's 1995 turnover was EPS 28.2bn with operating profits of EPS 2.3bn.
READER SERVICE: Annual report for La Seda de Barcelona S.A. (Spanish): PIE-No. 39926, DEM 28.-.
La Seda's troubles date back to 1991 when after two years of heavy losses its majority shareholder Akzo decided to divest its shareholding. It sold its stake to a Barcelona lawyer, Jacinto Soler Padro, but the deal was disputed by various official entities. The conflict was eventually resolved in December 1995 with Akzo's shares split between La Seda, Iberseda, a company formed by La Seda board members and Soler Padro.
Under the direction of its president Rafael Español La Seda's operations have been separated into three distinct areas: polyamides (Division Alcala, Carretera de Camarma, s/n, E-28806 Alcala de Henares / Madrid), Rayon (Division Rayon, Mayor 47, E-08820 El Prat de Llobregat / Barcelona) and PET polymers (Catalana de Polimers). Current capacity for PET is 35,000 t/y and output for 1995 was just over 30,000 t. La Seda is planning investments of EPS 6.2bn over the next two years to increase PET production to 85,000 t/y with a further expansion to 120,000 t/y planned. PET demand grew 13% in Spain in 1995 with consumption put at 81,800 t.
Its polyamide division is primarily involved in the manufacture of fibre grade material although some 5,000 t of polymer grade were also produced during 1995 primarily for injection moulding applications in the automotive industry. – La Seda's 1995 turnover was EPS 28.2bn with operating profits of EPS 2.3bn.
READER SERVICE: Annual report for La Seda de Barcelona S.A. (Spanish): PIE-No. 39926, DEM 28.-.
31.10.1996 Plasteurope.com [19769]
Published on 31.10.1996