Far Eastern New Century Corporation (Stock code: 1402, hereinafter referred to as “FENC” or “the Company”), together with two other companies (Alpek, S.A.B. de C.V. and Indorama Ventures Holdings LP), have formed a joint venture to acquire M&G’s PTA/PET plant in Corpus Christi, Texas on 21 Mar 2018. The aforesaid project includes annual planned capacity of 1.3 million tons of PTA with PET capacity of 1.1 million tons. The three-party toll manufacturing joint venture has received regulatory clearance from the United States Federal Trade Commission on 2018 December 21(US EST) and closing of the acquisition is expected to occur shortly.
FENC is one of the top 3 PET producers globally with added capacity from its new PET plants in West Virginia and Vietnam during the second half 2018. Currently the Company has PET production sites in Taiwan, China, Vietnam, Japan and U.S. With diverse global production sites, FENC can efficiently adjust its sales and production network as required.
