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Chemical Week Magazine :: Business & Finance :: Europe/Mideast

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

8:33 AM MDT | June 11, 2010 | natasha alperowicz with ian young

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 million). The divestment forms part of La Seda’s previously announced five-year restructuring plan, which includes 300 layoffs, the sale of several production plants, and an increased focus on polyethylene terephthalate (PET) bottle resin production (CW, Aug. 3/10, 2009, p. 17). La Seda says that seven companies...

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