BARCELONA, SPAIN (July 11, 2 p.m. ET) — European PET group La Seda de Barcelona continued its restructuring with the sale of the 70,000 metric ton-per-year Artenius Portugal Indústria de Polímeros PET resin plant in Portalegre, Portugal.
The facility, which has not been operating since the end of 2010, is being taken over by the company Control PET, owned by Portuguese investment firm ImatosGil Group (IMG) and its partner bank Banco Espirito Santo.
LSB indicated that Artenius Portugal was expected to be running once again beginning this month.
The Portuguese takeover marks a further step back into PET production by ImatosGil. Last year its offshoot Control PET of Lama, Portugal, launched PET resin production at the former PTT Poly Canada LP plant in Montreal.