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Alpek, one of the largest petrochemical companies in the Americas, announced that one of its subsidiaries has signed an agreement with Lotte Chemical Corporation to acquire a 100% stake in Lotte Chemical UK Limited, which owns and operates a 350,000 ton per year polyethylene terephthalate (“PET”) facility in Wilton, United Kingdom.

José de Jesús Valdez, Alpek’s CEO said:

“This acquisition is well aligned with Alpek’s growth strategy, creating substantial value by integrating the asset into our global polyester footprint, marking our first acquisition outside of the Americas, and growing our current worldwide PET capacity to 2.8 million tons.”

“Moving forward, our team isfocused on executing a seamless integration to capitalize on existing momentum and capture synergies.”

The terms of the agreement have not been disclosed, and the acquisition is expected to be completed in the fourth quarter of 2019 subject to customary government approvals.