Alpek S.A.B. de C.V. (San Pedro Garza Garcia, Mexico; www.alpek.com) announced that one of its subsidiaries has signed an agreement with Lotte Chemical Corp. (Seoul, South Korea; www.lottechem.com) to acquire a100% stake in Lotte Chemical U.K. Ltd., which owns and operates a 350,000-ton/year polyethylene terephthalate (PET) facility in Wilton, U.K.
“This acquisition is well aligned with Alpek’s growth strategy, creating substantial value by integrating the asset into our global polyester footprint, marking our first acquisition outside of the Americas, and growing our current worldwide PET capacity to 2.8 million tons,” said José de Jesús Valdez, Alpek’s CEO. “Moving forward, our team is focused on executing a seamless integration to capitalize on existing momentum and capture synergies.”
The terms of the agreement have not been disclosed, and the acquisition is expected to be completed in the fourth quarter of 2019, subject to customary government approvals.