Mexican industrial conglomerate Alpek SAB de CV signs agreement with Petróleo Brasileiro S.A. (Petrobras) for the acquisition of its 100% stake in Companhia Petroquímica de Pernambuco and Companhia Integrada Têxtil de Pernambuco, the plant making PET resin and PTA feedstock in Brazil.

Petroquimica Suape and Citepe are wholly owned subsidiaries and are part of the Chemical and Textile Industrial Complex located in Ipojuca, in the state of Pernambuco, Brazil. Together, these companies encompass three integrated plants: the one producing PTA (purified terephthalic acid), the polyester filament one, and the PET (polyethylene terephthalate) resin plant.

The facility operates with an installed capacity of 700,000 tpy and 450,000 tpy PTA and PET, respectively. Additionally, Citepe operates a 90,000 tpy texturized polyester filament plant on site.

The closing of this transaction is subject to several condition precedents, including approval by the appropriate governmental authorities.

The agreed upon price for Petrobras’ 100% stake in Petroquimica Suape and Citepe is $385 million. This amount is payable in Reais at the closing date and is subject to adjustments in working capital and current debt, among others.