Mossi Ghisolfi Group has sold a $300 million stake in its M&G Chemicals SA unit — including its global PET resin business – to private equity firm TPG.
Mossi Ghisolfi — an Italian chemicals and fibers conglomerate – will retain majority ownership of M&G Chemicals, which is based in Luxembourg and operates PET plants in the U.S., Mexico and Brazil.
The TPG investment “will enable us to grow and solidify our position as a leader in the global PET market … and will allow us to take advantage of market opportunities as they arise,” M&G Chemicals CEO Marco Ghisolfi said in a Nov. 13 news release.
TPG officials added that they believe that M&G Chemicals' projects “are very unique in the polyester space, and we look forward to supporting the company in their execution.” San Francisco-based TPG controls $66 billion in investments. The firm has owned resin distribution giant Nexeo Solutions LLC since 2010.
M&G Chemicals plans to build a massive complex making PET resin and PTA feedstock in Corpus Christi, Texas. The firm posted sales of almost $2.2 billion in 2013.