Mexican petrochemical company Alpek, a unit of conglomerate Alfa, has signed a deal to fully acquire a British plant from Lotte Chemical UK Limited, Alpek said in a statement, reported Reuters.
The plant, a unit of South Korea’s Lotte Chemical, has the capacity to produce 350,000 tonnes of polyethylene terephthalate (PET) per year and is located at Wilton, Teesside.
Alpek, which did not disclose the purchase price, said the transaction will be finalized by the end of this year.
Reporting by Noe Torres
