San Pedro Garza Garcia, Nuevo Leon, Mexico. December 21, 2018
Alpek, S.A.B. de C.V. (“Alpek”) announced today that Corpus Christi Polymers LLC (“CC Polymers”), a joint venture among certain subsidiaries of Alpek, Indorama Ventures Holding (“Indorama”), and Far Eastern Investment (Holding) Limited (“Far Eastern”), received regulatory clearance from the United States Federal Trade Commission (“FTC”), in connection with its proposed acquisition of the Corpus Christi Project from M&G USA Corp. and its affiliated debtors (“M&G”).
The Corpus Christi Project assets include the integrated PTA-PET plant under construction in Corpus Christi, Texas, certain M&G intellectual property, and a desalination/boiler plant providing water and steam to the site.
As part of the FTC clearance, the FTC issued a decision and order providing for certain obligations regarding the governance and operation of CC Polymers, among other requirements. CC Polymers has obtained all regulatory clearances required to close the acquisition of the Corpus Christi Project, which is expected to occur shortly.