Alpek S.A.B. de C.V. (San Pedro Garza Garcia, Mexico; www.alpek.com) has signed a share purchase agreement with Petroleo Brasileiro S.A. (Petrobras) for the acquisition of its 100% stake in Companhia Petroquimica de Pernambuco (Petroquímica Suape) and Companhia Integrada Têxtil de Pernambuco (Citepe).
Petroquimica Suape and Citepe operate an integrated purified terephthalic acid (PTA) and polyethylene terephthalate (PET) facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 700,000 and 450,000 metric tons per year (m.t./yr) PTA and PET, respectively. Citepe also operates a 90,000-m.t./yr texturized polyester filament plant on the site.
The agreed upon price for Petrobras’ 100% stake in Petroquimica Suape and Citepe is $385 million. This amount is payable at the closing date and is subject to adjustments in working capital and current debt, among others.
The closing of this transaction will require further corporate approvals and is subject to several condition precedents, including approval by the appropriate governmental authorities.