Alpek Polyester completes £494m acquisition of Oman PET manufacturer OCTAL

The mum or dad corporate of a Teesside chemical compounds company has finalised a £494m ($620m) takeover of an Oman-based producer of polyester sheets.

Alpek Polyester, which bought the previous Lotte Chemicals operation in 2019, has finished the acquisition of OCTAL once you have regulatory approval.

OCTAL is a significant world manufacturer of PET sheet utilized in packaging and owns the proprietary direct-to-sheet (DPET) generation, which removes a number of energy-intensive conversion steps, leading to a lowest price manufacturing manner for PET sheet.

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The company has a longtime buyer base around the Americas, Middle East, and Europe and the purchase provides multiple million lots of put in capability, unfold throughout 4 websites, to Alpek’s present operation.

The deal has been funded debt-free the use of money on Alpek’s steadiness sheet and loose money drift generated from present companies.

Alpek says OCTAL is very sexy as it will probably lend a hand the industry meet the rising marketplace for 100% recyclable packaging throughout in a position foods, baked items and different meals pieces.

When purpose to procure OCTAL used to be printed previous this yr, Alpek CEO José de Jesús Valdez mentioned it will be an “ideal fit” for Alpek.

He mentioned: “Through a single acquisition we’re able to access the profitable and growing PET sheet segment, acquire differentiated technology that provides a sustainable competitive advantage, significantly advance towards meeting our ESG goals, and serve our customers’ increased PET resin demand.

““The strength of our 2021 results allows us to complete this attractive acquisition without sacrificing the financial stability that has characterized Alpek.”

On completion of the deal he added: “We are pleased to have concluded this acquisition ahead of the expected timeline.

“We are excited to welcome OCTAL’s management team and employees into our family, leveraging their long-standing relationships with customers, their diverse backgrounds, and technical proficiency to drive the Company’s long-term growth.”

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