Taiwanese polyester maker buys U.S. plant | February 12, 2018 Issue - Vol. 96 Issue 7 | Chemical & Engineering News
Volume 96 Issue 7 | p. 11 | Concentrates
Issue Date: February 12, 2018

Taiwanese polyester maker buys U.S. plant

Department: Business
Keywords: Polymers, polyethylene terephthalate, M&G, polyester
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One of PET's biggest uses is plastic bottles.
Credit: Shutterstock
A photo of a plastic bottle.
 
One of PET's biggest uses is plastic bottles.
Credit: Shutterstock

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.

 
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