TEXAS – Corpus Christi Polymers is in the process of making a US$1.1 billion acquisition that will soon see over a million annual tons of new PET fibre being produced in Texas – with implications all along the global supply chain for textiles and nonwovens.
The company is a JV between Thailand’s Indorama Ventures, Mexico’s Albek and Taiwan’s Far Eastern which has entered into an agreement with M&G USA and its affiliated debtors. M&G filed for bankruptcy in October 2017, with its planned integrated PTA-PET plant currently in Corpus Christi, Texas, around 85% completed.