Equipolymers sales Ottana

Equipolymers announced on March 25 that it has signed a definitive agreement to sell its PTA and PET production facilities at its manufacturing site in Ottana, Italy, to a joint-venturebetween Ottana Energia, which currently operates a 140 megawatt power and utilities plant on the Ottana manufacturing site, and Indorama, a global chemical producer of PTA, PET and polyester fibres based regionally in Thailand, the Netherlands, Lithuania, and the USA.
The decision to sell the Ottana assets, where approx 120 people are employed, was made to sustain the long-term value of the site while enabling the Equipolymers production facilities in Schkopau, Germany, to focus on R&D and new technologies in markets that best serve the customers. The move will allow the company to maximize access to key raw materials and improve the cost structure over the longer term. Throughout this process both Dow and PIC (Petrochemical Industries Company) have been committed to finding a solution that would ensure the future viability of the site and continued employment for the local residents.
Financial terms of the agreement were not disclosed, but the sale is expected to close June 1, and is subject to customary closing conditions, including regulatory approvals.