M&G Chemicals minority stake to TPG

M&G Chemicals, a chemicals manufacturing and engineering company and a leading global supplier of PET, announced that it recently signed an agreement to issue 300 million dollars in new equity to TPG Opportunities Partners and affiliated funds (TPG). As part of the transaction, TPG will take a minority stake in the company.

“This capital infusion will not only enable us to grow and solidify our position as a leader in the global PET market, but will also allow us to take advantage of market opportunities as they arise. M&G Chemicals remains committed to investing in the development of innovative PET products that serve the needs of our customers, both today and in the future. I would like to thank our new TPG partners for their confidence; their investment is enhancing our financial strength and flexibility to execute our strategic vision”, said Marco Ghisolfi, CEO of M&G Chemicals.

M&G Chemicals has several large expansion projects underway, including construction of the world’s largest integrated PTA/PET facility in Corpus Christi, Texas, as well as a project in Fuyang City, China, to develop and industrialize a green PET supply chain of raw materials from renewable sources.

In a statement, TPG said: “We believe that M&G Chemicals’ projects are very unique in the polyester space and we look forward to supporting the company in their execution.”