La Seda Liquidation Seen to Be at Advanced Stage
As the liquidation process for insolvent Spanish PET producer La Seda proceeds, reports from Spain say the company's 170,000 t/y PET polymerization plant at El Prat Llobregat and the plant for 200,000 of PET feedstocks ethylene oxide and MEG at Tarragona have been sold to compatriot consumer jewelry and cosmetics firm Cristian Lay for a consideration of only €15 million.
It would be Lay's first foray into the chemicals sector, although the company in recent years has also acquired a natural gas distributor and a packaging producer in Spain.
As the bidding process for La Seda's remaining assets ramps up, Logoplaste of Portugal is said to be the leading candidate to take over the company's UK-based PET processing subsidiary, APPE.
Madrid-based Cepsa is mooted as a potential bidder for the PTA feedstock plant at Sines, Portugal, with PET world market leader Indorama of Thailand thought to be eyeing Turkish subsidiary Turkpet as well as La Seda's 200,000 t/y PET polymerization plant in Italy.