Cepsa buys La Seda’s San Roque PET production plant
Spain’s Cepsa oil and chemicals group has finally acquired the Artenius San Roque PET production plant of leading European PET polymer producer La Seda de Barcelona for €32m.
The deal sees the 175,000 tpa San Roque resins operation in southern Spain renamed CQ PET (Cepsa Quimica PET), which is to keep a 40-strong workforce. A further 19 former San Roque employees will be hired in different departments of Cepsa’s petrochemicals offshoot Cepsa Quimica, the new owner stated. Cepsa Quimica plans to restart the PET plant within the first three months of 2011 as La Seda group suspended production at San Roque in September 2008. Cepsa Quimica, which runs the nearby 480,000 tpa Guadarranque PTA (purified terephthalic acid) plant was previously the unit’s chief raw supplier of the PET intermediate. The acquisition brings Cepsa important synergies, not only giving it a captive PTA market, but also offering substantial cost savings through the expansion of its presence in the polyester supply chain as well as fixed cost savings, the group said. Cepsa said the takeover would secure employment for workers involved directly in the San Roque operation but also indirectly linked jobs. For Barcelona-based La Seda the transaction marks the completion of another stage in its disposal of non-core businesses, which is part of the group’s ongoing restructuring programme.