TORTONA, ITALY (Sept. 12, 11:45 a.m. ET) — PET conglomerate M&G Group has bought land in Corpus Christi, Texas, that will allow it to move forward with plans to build new PET resin and purified terephthalic acid plants there.
No purchase price for the land was disclosed in a Sept. 12 news release from Tortona, Italy-based M&G. The firm is buying the land from a philanthropic foundation run by the Driscoll family. The land is located on the north side of the Viola Channel in the port of Corpus Christi and has good access to rail and navigable water, officials said.
The plant will have capacity to make 2.2 billion pounds of PET and 2.6 billion pounds of PTA annually. M&G officials have described the project as being the world's largest integrated PET plant.
“The final selection and the purchase of the land is an important step as it will allow us to complete detailed engineering and permit filing”, M&G project leader Mauro Fenoglio said in the release.
M&G polymers unit CEO Marco Ghisolfi added that “the synergies of the location, adding to the unmatched size and integration efficiency of the plant, will further remove logistic costs, making our operation by far the world lowest cost.”
Texas Governor Rick Perry met with M&G officials on a recent trip to Italy. “I'm pleased M&G Group is finalizing its plans to create hundreds of jobs for Texans in Corpus Christi,” Perry said in the release.
M&G officials previously said the plant will take 30 months to complete once construction begins. The new plants will create about 250 new jobs and an additional 700 indirect positions. Up to 3,000 construction jobs also will be needed for the project.