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Indorama bids on W Virginia PET plant, output remains minimal
HOUSTON, January 22, 2018 (PCW) -- US PET producer Indorama Ventures has bid about $10 million for M&G Polymers’ 360,000 metric tons/year PET plant in Apple Grove, West Virginia, and M&G’s research and development center in Sharon Center, OH , it was understood on Monday. Output at Apple Grove has been minimal since Oct 2017; M&G filed for bankruptcy protection on Oct 24, 2017.
The assets are for sale as part of the bankruptcy filing. M&G’s unfinished 1.1 million mt/year PET and 1.3 million mt/year PTA plant in Corpus Christi is also for sale.
M&G's parent company is Italy-based chemical giant Mossi Ghisolfi. M&G is not the only Mossi Ghisolfi business to have filed for bankruptcy protection. "A number of the Italian companies of the group did file in Italy back in September," M&G's spokesman told PCW on Monday.
If Indorama acquires the Apple Grove plant it would be its fourth US PET operation. Its 432,000 metric tons/year Alpha PET plant is in Decatur, AL; the 252,000 mt/year StarPET plant is in Asheboro, NC; and the 387,000 mt/year Auriga Polymers plant is in Spartanburg, SC. -- Xavier A. Cronin