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M&G TO BUILD WORLD’S LARGEST PET PLANT IN BRAZIL
23 March 2005 - M&G Group
| The M&G Group today 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 December 15th 2004, M&G signed a
Memorandum of Understanding with Petrobas 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.”
http://www.mgpolymers.com
About: M&G Group
M&G is a family owned chemical engineering company headquartered in Tortona, Italy. It develops innovative and cost effective PET resins for container packaging and is presently the world’s second largest producer of PET for packaging applications with production capacity of 1.3 million tonnes per annum. Group sales proceeds in 2003 were $1.6 billion of which around 80% were derived from operations involving PET.
M&G Group is divided into three business units, PET Polymer, PET Packaging and Acetates. In Europe, M&G has capacity to produce around 2.5 billion preforms per annum at two locations in Italy. It operates the largest SSP unit in North America and has the current world’s largest PET production unit (1200t/d) at its Altamira facility in Mexico. The Group has manufacturing assets in Brazil, Italy, Mexico and USA. The Group supports three R&D Facilities; Italy, USA and Brazil. |
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