PETpla.net Insider 04 / 2018

10 NEWS PET planet Insider Vol. 19 No. 04/18 www.petpla.net Tech-Long partners with Unique Injection Molding Systems LTD. Tech-Long Americas has announced its partnership with Unique Injection Molding Systems, Ltd. The addition of injection moulding to Tech-Long’s product line portfolio offers customers a complete turnkey solution – from the making of PET preforms, through to complete liquid filling packaging lines. Fred Pinczuk, a twenty-two year veteran of the beverage and packaging industries has joined Tech-Long as Business Development Manager for Unique Injection Systems and Tech- Long Packaging Machinery, where he will lead marketing, sales and service efforts. Unique Injection Molding Systems based in Guangzhou, China, is located within minutes of Tech-Long’s global headquarters. Founded in 2007, Unique Injection Molding Systems pro- vides PET preform manufacturing solutions that promote energy savings, ease of use and environmental sustainability. The company’s product lines include injection moulding machines with take-off robots, PET preformmould and auxiliary equipment such as drying systems, dehumidifying systems, chiller water systems, air compressors and preform conveyors. Injection moulding machines use optimised machine design and major components sourced from leading suppliers around the world. Exceptional system performance and reliability has resulted in the company quickly gaining significant market share in Asia and abroad. Tech-Long USA is a wholly owned subsidiary of Guangzhou Tech-Long Packaging Machinery Co., Ltd. Established in 1999, the company supplies equipment and services to the beverage and non-beverage filling and packaging industries including: preform injection moulding machines; water treatment sys- tems; beverage processing systems; PET bottle blow-moulding machines; filling machines; labellers and secondary packaging equipment. With over 2,500 production lines globally, Tech-Long has systems operating in more than 80 countries. www.tech-long-intl.com Joint Venture to acquire bankrupt M&G USA PTA-PET plant in Texas Corpus Christi Polymers LLC (“CC Polymers”) - a newly formed joint venture between Alpek, S.A.B. de C.V., Indorama Ventures Holdings LP, a subsidiary of Indorama Ventures Public Company Limited, and Far Eastern Investment (Holding) Ltd. - has entered into an asset purchase agreement with M&G USA Corp. and its affiliated debtors. CC Polymers will acquire the integrated PTA-PET plant currently under construction in Corpus Christi, Texas, certain M&G intellectual property, and a desalina- tion/boiler plant providing water and steam needs to the Corpus Christi Project. The purchase agreement provides M&G with a binding bid of $1.125 billion in cash and other capital contribu- tions. The Corpus Christi Project is an integrated PTA-PET plant currently under development that, when completed, will have nominal capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively. The plant is expected to be the largest single line vertically integrated PTA-PET production facility in the world and the largest PTA plant in the Americas. Pursuant to the terms of the newly formed joint venture:  The parties will provide resources to CC Polymers to com- plete the project in the most efficient and cost effective way. A timeline for project completion will be communicated at a later stage.  Each of Alpek, Indorama, and Far Eastern will have the right to receive one-third of the capacity of PTA and PET produced at the Corpus Christi Project upon completion. Each party will independently procure its raw materials and will independently sell and distribute their corresponding PTA and PET. The closing of the transaction is subject to conditions precedent including approval by the bankruptcy court and applicable governmental authorities. PJT Partners is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal advisor to Alpek. HSBC is serving as financial advi- sor and Lowenstein Sandler LLP is serving as legal advisor to Indorama. Morgan Stanley is serving as financial advisor and Duane Morris LLP is serving as legal advisor to Far Eastern. www.indorama.net