The Thai polyester giant Indorama Ventures has agreed to buy Cepsa Química’s 600,000-metric-ton-per-year purified terephthalic acid (PTA) plant in Montreal for an undisclosed sum. The plant is one of only three in North America to produce the polyester raw material. Indorama’s move comes at a time when the PTA market is suffering from oversupply brought about by investment in China (see page 20). For example, China’s Hengli Petrochemical just opened a PTA plant with a capacity of 2.2 million metric tons. Using technology licensed from Invista, it is Hengli’s third PTA unit.