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News

M&G to build world

M&G Group : 04 January, 2005  (Company News)
The M&G Group has confirmed plans to build the world
The M&G Group has confirmed plans to build the world’s largest PET plant near the town of Ipojuca which is in the State of Pernambuco, North Eastern Brazil. The new plant will have a capacity of 450kt/year (approximately 990 million lbs/year) and is expected to come on-stream in late 2006.

In addition, M&G confirms that it is actively studying options to vertically integrate the new PET plant. For this purpose, on 15 December 2004, M&G signed a Memorandum of Understanding with Petrobras to start the evaluation of possible joint investments upstream in the PET chain. However, the evaluation into additional investment opportunities requires further research before any firm commitment can be made. M&G is excited about the prospects of cooperating with Petrobras and will approach this feasibility study with vigour and cooperation characteristic of the M&G Group.

Marco Ghisolfi, CEO of M&G’s Polymers Business Unit said, “This is an exciting time for M&G and we are delighted to be in a position to build what will be the world’s largest PET plant. To us, this new investment demonstrates M&G’s continued commitment to the future of Brazil as a major PET manufacturing country and, more generally, to the global PET industry. We welcome the support of President Lula and other Brazilian authorities at the federal and local (Pernambuco) levels who have worked with us to reach this land mark stage and we value their continued cooperation.”

Ipojuca is a city of about 60 thousand inhabitants, located in the north east coast of Brazil about 60km from the state capital in the Metropolitan Region of Recife. The city is considered to be one of the largest industrial centres of Pernambuco as it includes part of the Industrial and Port Complex of Suape. Economic activity is mainly based around tourism and the associated service industries though there is a lot of growth in new industries.

The new plant in South America originated from an idea from the visionary mind of Guido Ghisolfi who leads the Manufacturing and R&D activities in M&G. The new plant will be built under Guido’s guidance and drive, using state-of-the-art technology and aims to be on stream by 2006.
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