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
Companies & Associations

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

Bemis Co. reports sales growth

April 24, 2015 9:57 am ET

Bemis Co. Inc., in what the company is describing as a strong quarter, saw consistent earnings from continuing operations.    More

Image

KHS cuts packaging with direct printing on PET bottles, adhesive multi-packs

April 23, 2015 1:39 pm ET

KHS GmbH has been pouring a lot of time into solving issues related to direct printing on PET bottles, and after eight years of work, everyone...    More

Image

MeadWestvaco joins the Recycling Partnership

April 23, 2015 11:19 am ET

MeadWestvaco Corp., a global packaging company with some operations in plastics, is joining the Recycling Partnership.    More

Image

Sidel, BMS reach agreement on spindle patent case

April 20, 2015 1:24 pm ET

Sidel Group and Blow Mold Services LLC have reached an agreement in Sidel's patent infringement lawsuit against BMS involving the spindle chain on a...    More

Image

Adidas phasing out plastic bag use

April 20, 2015 11:50 am ET

Sporting goods company Adidas AG is phasing out the use of plastic bags in its own retail stores as part of a larger effort raise awareness about ocea...    More

Market Reports

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

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

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

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events