Alpek Polyester business DAK Americas has entered into an asset purchase agreement to acquire PET recycling from Perpetual Recycling Solutions for an undisclosed sum.
The PET facility being acquired by DAK Americas is located at Richmond in Indiana, US.
Perpetual PET recycling operations are said to produce recycled polyethylene terephthalate (rPET) flake, with an annual capacity of around 100 million lbs per year or 45,000 tons per year.
The acquired facility extends support to Alpek Polyester’s current food-grade PET recycling facility in Pacheco of Argentina and its fiber-grade recycling joint venture facility in Fayetteville of North Carolina, US.
Subject to customary conditions, the deal is expected to be completed in the first quarter of this year.
DAK Americas PET resins vice president Jon McNaull said: “The acquisition of Perpetual and additional rPET capacity demonstrates Alpek Polyester’s ongoing commitment to sustainable product offerings to meet growing customer and consumer demand for rPET content. The addition of this facility will allow us to expand our sustainability initiatives.”
Based in Charlotte of North Carolina, DAK Americas is an integrated producer of PET resins and polyester staple fibers.
Alpek Polyester Business is an integrated brand, which includes Grupo Petrotemex and its subsidiaries such as DAK Americas that is wholly owned by Alpek.
Alpek is a petrochemical company that operates two business segments, including polyester and plastics and chemicals.
Polyester segment produces products such as PTA, PET and polyester fibers, while plastics and chemicals produces products such as polypropylene, expandable polystyrene, caprolactam, and other specialty and industrial chemicals.
Alpek is an integrated producer of PTA and PET in North America and the largest expandable polystyrene manufacturer in the Americas, as well as the only producer of caprolactam in Mexico.
The company is also said to operate one of the largest polypropylene facilities in North America.
With around 5,900 employees, the company manages 26 plants in the US, Mexico, Canada, Brazil, Argentina and Chile. In 2017, the firm generated revenues of around $5.2bn and EBITDA of $384m.