Monterrey, Mexico. April 3, 2017
Alpek, S.A.B. de C.V. (“Alpek”) announced today that it obtained all necessary corporate approvals to acquire 100% of Companhia Petroquímica de Pernambuco (“PetroquímicaSuape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”) from Petróleo Brasileiro S.A. (“Petrobras”) for U.S. $385 million. This amount is payable on the closing date for the two companies on a debt-free basis, and is subject to adjustments in working capital, among others. The closing of this transaction is still dependent on several conditions precedent, including approval by the Administrative Council for Economic Defense (CADE) in Brazil.
On March 27, Petrobras announced that its Shareholders’ Extraordinary General Meeting approved the sale of PetroquímicaSuape and Citepe to Alpek.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 640 and 450 thousand tons per year PTA and PET, respectively. Citepe also operates a 90 thousand tons per year texturized polyester filament plant on site.