Madrid
June 1, 2015
Our Company closes sale of our PTA business in Canada to Indorama
• The operation fits with our strategy to focus on petrochemical areas where we are a leader
Our Company has concluded the sale of our purified terephtalic acid (PTA, raw material used to produce polyester) industrial plant in Montreal to Thailand-based Indorama as part of our strategy to focus on higher growth petrochemical areas where we are leaders.
The sale, which was first announced in March, has been concluded following regulatory approval by the competition authorities.
The Company´s main aim during the sale process is to guarantee that our PTA business is sold to a world leader in the sector, and that workers´ rights are not affected. The sale of the Canadian PTA plant will allow Indorama to become an integrated player in the PET market in North America.
In words of José Manuel Martínez, Cepsa´s Petrochemical senior vice president, “the site of Montreal has been important for Cepsa and its internationalization process for many years. I would like to highlight the commitment with Cepsa and excellent performance of the plant´s employees. I´m sure they face a bright future with the new owner. Indorama is willing to strengthen its activity in a key market for them like North America”.
Meanwhile, the sale allows us to focus our plans on those markets where we have a strong presence and ability to develop to their full potential the assets that we have, such as in our phenol, acetone and LAB/LABSA (raw material used to produce detergents) businesses in Spain, Canada, Brazil, China, and Indonesia.
Indorama is a world leader in the production of polyester and the acquisition gives it a stronger position in the North American market. Indorama consumes around 1.1 million tons of PTA a year in North America, for the subsequent production of PET. The company has 14,000 staff and an annual turnover of $7.5 billion.
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