Alpek acquires UK PET facility from Lotte Chemical

ALFA Mexico has announced that its subsidiary, Alpek, has signed an agreement with Lotte Chemical Corporation to acquire its 100% stake in Lotte Chemical UK Limited. The deal includes a PET asset, with an installed capacity of 350 ktpa, in Wilton, England.

This step marks Alpek’s first acquisition outside the Americas, as the company continues to grow its integrated polyester platform. It also expands ALFA’s global footprint to 29 countries by adding its first production facility in the UK.

Commenting, Gordon Haire, Wood Mackenzie
Head of Aromatics, said: "This change of ownership marks the exit of Lotte Chemical from manufacturing PET in Europe. It also establishes a strong platform for Alpek to become a regional PET supplier in the European market.

"This may also have significant implications for regional PTA trade flows, as Lotte Chemical exported around 110 ktpa from Korea to the UK over the last few years. Similarly, Alpek is a long-established supplier into the European PTA market.

"Lotte Chemical has concluded that the UK PET business does not fit the Lotte Vision 2030. Instead, Lotte is likely to add more weight to the newly expanded PIA business and reduce exposure to PTA."