Alpek joint-venture completes acquisition of the Corpus Christi Project
San Pedro Garza Garcia, Nuevo Leon, Mexico. December 28, 2018 – Alpek, S.A.B. de C.V. (“Alpek”) announced that Corpus Christi Polymers LLC (“CC Polymers”), a joint venture among certain subsidiaries of Alpek, Indorama Ventures Holding (“Indorama”), and Far Eastern Investment (Holding) Limited (“Far Eastern”), has successfully completed the previously announced acquisition of the Corpus Christi Project from M&G USA Corp. and its affiliated debtors (“M&G”) for an aggregate amount of U.S. $1.199 billion in cash and other capital contributions.
The Corpus Christi Project assets include the integrated PTA-PET plant under construction in Corpus Christi, Texas, certain M&G intellectual property, and a desalination/boiler plant providing water and steam to the site.
When completed, the Corpus Christi plant is expected to have a nominal capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively.
Following the acquisition of the Corpus Christi Project, and pursuant to the terms of CC Polymers (JV):
• Alpek, Indorama, and Far Eastern will provide resources to CC Polymers to complete the project in the most efficient and
• Alpek, Indorama
Alpek made total contributions of U.S. $266 million in cash and U.S. $133 million non-cash for the closing of the transaction. Alpek’s non-cash contribution is associated
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