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La Seda Sells EO-EG Subsidiary to U.S. Firm

7:01 AM MDT | June 4, 2010 | Natasha Alperowicz

La Seda de Barcelona says it has agreed to sell its Industrias Quimicas Asociadas (IQA; Tarragona, Spain) ethylene oxide (EO) and ethylene glycol (EG) production subsidiary to American Industrial Acquisition Corp. (AIAC; New York) for €23 million ($28.9 million). The divestment forms part of La Seda's previously announced five-year restructuring plan, which includes 300 layoffs, the sale of five production plants, and an increased focus on polyethylene terephthalate (PET) bottle resin production. La Seda says that seven companies expressed interest in buying...

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