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The European Union has cleared the acquisition of Artenius U.K., a British maker of purified terephthalic acid and polyethylene terephthalate (PET) resins, by KP Chemical, a firm controlled by South Korea’s Lotte Group. Artenius is a former business of the Spanish PET producer La Seda de Barcelona. La Seda closed the U.K. site last July, saying its raw material suppliers were planning to shut down. Artenius, which has PET capacity of 500,000 metric tons per year, has been under court supervision since the shutdown.
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