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

By: Richard Higgs
EUROPEAN PLASTICS NEWS

April 17, 2014

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.