Advertisement

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Taiwanese polyester maker buys U.S. plant

by Alexander H. Tullo
February 12, 2018 | A version of this story appeared in Volume 96, Issue 7

[+]Enlarge
Credit: Shutterstock
One of PET's biggest uses is plastic bottles.
A photo of a plastic bottle.
Credit: Shutterstock
One of PET's biggest uses is plastic bottles.

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.

Article:

This article has been sent to the following recipient:

0 /1 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.