Alpek completed the acquisition of a state-of-the-art PET pelletizing and recycling plant in Pennsylvania, United States.
With this, the company aligned itself with its long-term strategic pillar of “Fostering a Circular Economy”.
This transaction reaffirms Alpek’s position as the largest PET recycler in America and will allow the company to achieve its goal of supplying 25% recycled PET content to selected customers ahead of schedule.
Going forward, the company expects to start production at that plant in the third quarter of 2021.
Investments (Capex) and acquisitions of Alfa (the parent company of Alpek) totaled 3,663 million pesos in the second quarter of 2021, an amount 127% higher compared to the same period of 2020.
Alpek accounted for the majority of Capex during the quarter as it finalized the acquisition of CarbonLITE’s state-of-the-art PET recycling and pelletizing plant in Pennsylvania for $ 96 million.
The rest of the investments were used for maintenance and replacement of minor assets at the subsidiary level.
The accumulated Capex totaled 5,276 million pesos compared to the 3,634 million in the first half of 2020.
On June 7, this company announced the acquisition of CarbonLITE Recycling LLC’s PET recycling and pelletizing plant in Reading, Pennsylvania.
With this acquisition, Alpek reaffirms its position as the largest PET recycler on the continent.
Alpek and the companies that make up the joint venture, Indorama Ventures Holding and Far Eastern Investment (Holding) Limited, unanimously agreed to extend the pre-construction phase of the integrated PTA-PET plant in Corpus Christi, Texas, until the end of 2021
On September 4, 2020, Alpek announced the final approval of the financial restructuring agreement between M&G Polímeros México (M&G México) and the majority of its creditors, including certain subsidiaries of Alpek.
In accordance with the agreement, as of the end of 2020 Alpek began the recovery of 160 million dollars of debt guaranteed by a first and second degree lien on the PET plant of M&G México, in Altamira, by receiving a payment. for 40 million dollars in the month of December. Alpek expects to recover all of its guaranteed debt with its respective interests in the next five years.