La Seda de Barcelona's acquisition of Interquisa marks its foray into North America

16-Jan-08
Spanish PET group La Seda de Barcelona (LSB)'s recent acquisition of Intercontinental Quimica (Interquisa), has provided the group a breakthrough into the North American market. Interquisa's plant near Montreal in Canada has an annual production capacity of 600,000 tons of PTA. The PTA factory is jointly owned by Interquisa and the Société Général de Financement (SGF), Quebec government's industrial investment vehicle, with 51% and 49% shares respectively. Interquisa's focus on two basic but relatively scarce raw materials- PTA and PIPA, suitably corresponds with the company's current product mix. Acquisition of Interquisa, valued at €595mln (including working capital) will be funded through a capital increase. LeSeda anticipates significant synergies between both companies in terms of cost savings and as well as the dynamics of vertical integration. LSB said the deal makes it Europe's leading producer of PTA, with 1.3 mln tpa of capacity in two factories at San Roque (Spain) and Wilton (UK).
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