FENC Announces Acquisition Of Former M&G PET Plant

Taiwan-based Far Eastern New Century Corp. (FENC)  has acquired the former Mossi & Ghisolfi (M&G) polyethylene terephthalate (PET) plant in Apple Grove, W. Va., as well as a research facility in Ohio for approximately $33.5 million. M&G entered backruptcy in 2017, and motions were filed late last year to begin the sales process for some of its assets including the PET plant in Apple Grove, as well one in Corpus Christi, Texas.

FENC is one of the top five global PET producers in terms of capacity. The Apple Grove facility adds approximately 360,000 tons of annual capacity and is FENC’s first production site in the United States. The company’s decision to acquire a U.S. production facility was based on several factors including proximity to clients, increasing non-tariff barriers to trade for imports into the United States, lower energy costs and the appreciation of the Taiwan dollar against the U.S. dollar.

January/February 2018