Alpek S.A.B. de C.V. (San Pedro Garza Garcia, Mexico; www.alpek.com) announced that it completed the acquisition of Companhia Petroquímica de Pernambuco (Petroquímica Suape) and Companhia Integrada Têxtil de Pernambuco (Citepe) from Petróleo Brasileiro S.A. (Petrobras) through two of its wholly-owned subsidiaries. Pursuant to the purchase agreement, Alpek acquired Petrobras’ 100% stake in the two companies on a debt-free basis for a total amount of $435 million. The $385 million agreed upon price was adjusted due to higher working capital and cash balances, plus dollar-denominated inflation. Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 640,000 and 450,000 metric tons per year (m.t./yr) of PTA and PET, respectively. Citepe also operates a 90,000-m.t./yr texturized polyester filament plant on site. The planned acquisitions were first announced in January 2017.
Alpek completes acquisition of Petroquímica Suape and Citepe from Petrobras
| By Mary Bailey