It seems our sources were right (see last entry)! Administrators Deloitte yesterday confirmed that its assets have been sold to KP Chemical Corporation subsidiary Lotte Chemical UK.The PTA and PET assets at Wilton will give KP a manufacturing base in Europe, which could be fantastic news for them if markets improve. PET and PTA have been hit hard by the downturn, suffering falling demand and over-supply.
The next question is: what investment plans do they have. How will they capitalise on this acquisition to gain market share in Europe? I'd also like to know how much they paid for these assets.
According to ICIS news, regional development agency One North East has approved a £1.8m ($2.9m, €2.1m) grant to help Lotte Chemical UK acquire the Artenius assets, which could also create 132 new jobs at the Wilton plant.
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