Spain's Cristian Lay Group buys two materials units of bankrupt LSB

Richard Higgs
EUROPEAN PLASTICS NEWS

Published: April 17, 2014 11:11 am ET
Updated: April 18, 2014 10:24 am ET

Related to this story

Topics Packaging, Materials, Mergers & Acquisitions, Materials Suppliers, Europe

Spanish industrial conglomerate Cristian Lay Group has purchased two units of the bankrupt Spanish PET packaging group La Seda de Barcelona.

LSB’s Artenius España PET polymers plant was sold to Cristian Lay’s Plastiverd Pet Reciclado SA while feedstock chemicals facility Industrias Químicas Asociadas LSB (IQA) went to the group’s Industrias Químicas del Óxido de Etileno SA.

Artenius España is in El Prat de Llobregat, near Barcelona, while IQA is located in Tarragona.

The deal with Cristian Lay was confirmed following its formal approval of the Barcelona commercial court overseeing the liquidation of 12 of LSB group’s polymer, chemicals, packaging and recycling operations.

Final settlement was subject to agreement by the buyer on retaining workers and maintaining industrial production at the LSB businesses.

In February, when the Badajoz, Spain-based conglomerate, with interests ranging from designer jewelry to packaging, was first identified as a would-be buyer, national press reports put its bid for the plants at around 15 million euros ($20.7 million).

The Artenius unit has a PET capacity of 170,000 metric tons per year, while the IQA facility is capable of turning out up to about 200,000 tons per year of chemicals. It has lines producing ethylene oxide and glycols.

In June 2013, LSB of Barcelona finally filed for voluntary insolvency after it failed to reach agreement on debt restructuring with its creditors. The disposal of LSB businesses is continuing, overseen by the Barcelona commercial court.


Comments

Spain's Cristian Lay Group buys two materials units of bankrupt LSB

Richard Higgs
EUROPEAN PLASTICS NEWS

Published: April 17, 2014 11:11 am ET
Updated: April 18, 2014 10:24 am ET

Post Your Comments


Back to story


More stories

Image

Major packaging merger includes plastics operations

January 26, 2015 12:24 pm ET

A merger of packaging companies MeadWestvaco Corp. and Rock-Tenn Inc. will create a new company with nearly $16 billion in annual sales.    More

Image

MonoSol optimistic it can reach new markets with water soluble films

January 26, 2015 4:46 pm ET

MonoSol LLC — riding a wave of growth spurred on by the rapid adoption of water soluble detergent packets in recent years — is looking to ...    More

Image

Material Insights: PP production issues, preparing for NPE

January 26, 2015 1:38 pm ET

Production problems in Texas add more complication for polypropylene, Entek has new equipment ready to show compounders at NPE and we take a look...    More

Image

J6 Polymers to buy Stepan unit

January 26, 2015 12:22 pm ET

NORTHFIELD, ILL. — Stepan Co. plans to sell its specialty polyurethanes systems business to J6 Polymers LLC in a cash deal.    More

Image

UK legislators debate fracking

January 26, 2015 12:19 pm ET

LONDON — An influential group of members of Parliament has called for a moratorium to be imposed on fracking for shale gas as politicians prepar...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events