Growing Spanish PET supplier La Seda de Barcelona SA has acquired Intercontinental Química SA (Interquisa), giving La Seda an entry point to North America.
The deal values Interquisa at 595 million euros ($873 million). Once the purchase is complete, La Seda will own 100 percent of Interquisa and 12 percent of Interquisa's parent. Interquisa is a wholly owned subsidiary of Madrid, Spain-based Companía EspaÃ±ola de PetrÃ³leos SA, or CEPSA.
In a statement, La Seda Chairman Rafael EspanÃ³l Navarro said the acquisition gives La Seda access to raw materials and matches La Seda's current product mix. In addition, ``Interquisa's presence in North America offers a unique opportunity to access this dynamic market through a new state-of-the-art production facility.''
Interquisa's plant near Montreal, known as Interquisa Canada LP, has annual production capacity of 1.3 billion pounds of purified terephthalatic acid. The facility started production in 2003 and employs 140.
In 2006, Interquisa Canada reported sales of 333 million euros ($489.3 million) and profit of 23 million euros ($33.8 million). For 2007, sales were expected to rise by 15 percent to 385 million euros ($565.8 million).
The PTA factory is jointly owned by Interquisa and the Societe General de Financement, the Quebec government's investment vehicle, with 51 percent and 49 percent shares respectively.