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La Seda de Barcelona sells its PET plant in Portugal

La Seda de Barcelona sells its PET plant in Portugal
La Seda de Barcelona (LSB) and the company Control PET, SGPS, S.A, an investee of Imatosgil and Banco Espirito Santo, have formalised a sale-purchase agreement for the Portalegre based PET production plant Artenius Portugal.

This company, initially conceived for polyester fibre production in 1966, was later converted into a batch production PET polymer plant, with a yearly output of 70.000 tonnes; its industrial activity having been stalled since the end of 2010.

The value agreed for the sales transaction amounts to 5,6 million euros to be paid between 2011 and 2015. The sales value may increase according to the company’s productivity during this period.

The acquisition of Artenius Portugal by Control PET SGPS, S.A. is a means of guaranteeing the production activity. It is being estimated that the plant will be operating again as of July and direct as well as indirect job positions are being safeguarded.

This transaction is a further step in La Seda de Barcelona’s ongoing divestment process of non-strategic assets within the company’s Strategic Plan. In this sense, Artenius Portugal is not complying with the technology, location and size criteria which set the path for LSB’s future.