La Seda sell PET plants raise new capital

La Seda to sell PET plants to raise new capital

10:29 AM, 8th November 2012
La Seda to sell PET plants to raise new capital

LONDON, UK: Spanish polyethylene terephthalate producer La Seda de Barcelona may sell its PET plants to raise new capital if it cannot attract a minority partner to help expand its operations. La Seda in May approved a €40 million ($51 million) capital increase to take place via the issue of 40 million one-euro shares. La Seda now aims to find a partner for 25 per cent of its PET business, but if it is unable to do so, it may consider selling some of its PET assets.

“We are searching for this partner but we’ve not found one yet. The economic situation is tough at the moment, which explains why it is taking some time in doing so. Plan A is to find a partner for 25 per cent of the PET business. It is a possibility we are working on. Plan B would be to sell one or some of the PET sites if in the first three months of 2013 we do not find a partner,” said a spokesperson.

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