Alpek de CV : obtained approval from CADE for the acquisition of PetroquímicaSuape and Citepe
February 07, 2018 at 05:30 pm EST
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Alpek obtained approval from CADE for the acquisition of
PetroquímicaSuape and Citepe
Monterrey, Mexico. February 7, 2018 - Alpek, S.A.B. de C.V. ("Alpek") announced today that it obtained the required regulatory approval from the Court of the Administrative Council for Economic Defense (CADE) in Brazil to acquire 100% of Companhia Petroquímica de Pernambuco ("PetroquímicaSuape") and Companhia Integrada Têxtil de Pernambuco ("Citepe") from Petróleo Brasileiro S.A. ("Petrobras"). As part of the approval process, Alpek proposed entering into a merger control agreement (Acordo de Controle de Concentração - ACC), committing to maintain an environment of effective competition.
The closing of this transaction is still dependent on several customary conditions precedent. The agreed upon price is U.S. $385 million for Petrobras' 100% stake in the two companies on a debt-free basis, subject to adjustments in working capital, among others, and payable on the closing date.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 640 and 450 thousand tons per year PTA and PET, respectively. Citepe also operates a 90 thousand tons per year texturized polyester filament plant on site.
About Alpek:
Alpek is a leading petrochemical company operating two business segments: "Polyester" (PTA, PET and polyester fibers), and "Plastics & Chemicals" (polypropylene, expandable polystyrene, caprolactam, and other specialty and industrial chemicals). Alpek is an integrated producer of PTA and PET in North America, the largest expandable polystyrene manufacturer in the Americas, and the only producer of caprolactam in Mexico. Alpek also operates one of the largest polypropylene facilities in North America. In 2016, Alpek reported revenues of U.S. $4.8 billion and EBITDA of U.S. $669 million. The Company operates 23 plants in the United States, Mexico, Canada, Brazil, Argentina and Chile, and employs more than 5,200 people. Alpek is a publicly traded company listed on the Mexican Stock Exchange.
For further information: Hernán F. Lozano Investor Relations Officer Alpek, S.A.B. de C.V.
+52 (81) 8748-1146hlozano@alpek.com
ir@alpek.comwww.alpek.com
Alpek SAB de CV published this content on 07 February 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 February 2018 22:29:05 UTC.
Original documenthttp://www.alpek.com/pdf/2018/Alpek-CADE-Approval.pdf
Public permalinkhttp://www.publicnow.com/view/7C7CC029C7AF1D6834DA76B2D01D4336EC2EFC38
Alpek SAB de CV is a Mexico-based company engaged in the chemicals sector. The Company's activities are divided into two business segments: Polyester and Plastics & Chemicals. The Polyester division focuses on the manufacture and distribution of purified terephthalic acid (PTA), polyethylene terephthalate (PET) and polyester fiber. The Plastics & Chemicals division is responsible for the production of polypropylene (PP), expandable polystyrene (EPS), caprolactam (CPL), ammonium sulfate, as well as specialty and industrial chemicals, such as surfactants, ethoxilates, glycoethers and desemulsionates. The Company's products are used in a range of industries, including consumer goods, food and beverages, automotive, construction, agriculture, oil and gas, as well as pharmaceuticals. It operates a number of production plants in the Americas. The Company is controlled by Alfa SAB de CV.