Taiwanese polyester maker buys U.S. plant

Far Eastern New Century (FENC) is the winning bidder in a bankruptcy court auction of M&G Chemicals’ polyethylene terephthalate (PET) plant in Apple Grove, W.Va. M&G declared bankruptcy in October. The Taiwanese company will pay $33.5 million for the 360,000-metric-ton-per-year plant as well as a research center in Ohio. Thailand’s Indorama also bid on the assets. FENC calls itself one of the top five PET producers globally and a leader in Asia. It says the purchase will allow it to supply the U.S. without hitting trade barriers. U.S. producers recently launched an antidumping case against foreign PET makers.