Monterrey, Mexico. December 28, 2016
Alpek, S.A.B. de C.V. (“Alpek”) announced today that it signed a share purchase agreement with Petróleo Brasileiro S.A. (“Petrobras”) for the acquisition of its 100% stake in Companhia Petroquímica de Pernambuco (“Petroquímica Suape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”).
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 700 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.
The agreed upon price for Petrobras’ 100% stake in Petroquimica Suape and Citepe is U.S. $385 million. This amount is payable in Reais at the closing date and is subject to adjustments in working capital and current debt, among others.
The closing of this transaction will require further corporate approvals and is subject to several condition precedents, including approval by the appropriate governmental authorities.