Alfa Buys Eastman’s PET Plants in Argentina and Mexico

Grupo Alfa (Monterrey, Mexico) says it has entered into definitive agreements to acquire Eastman Chemical’s 150,000-m.t./year Cosoleacaque, Mexico and 185,000-m.t./year Zárate, Argentina polyethylene terepthalate (PET) production facilities, along with related businesses. Financial terms were not disclosed. However, the deal is estimated to be about $150 million, says Frank Mitsch, BB&T Capital Markets (New York). The transaction is expected to close by year-end. Alfa’s petrochemical unit, Alpek, says it can take advantage of cost savings...

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