Nicholas San Filippo IV, partner in Lowenstein Sandler’s Corporate and Mergers & Acquisitions practice groups, received the Cross Border Special Situation M&A – Large Market Deal of the Year award from Global M&A Network’s Atlas Awards, an honor given to deals valued at over $1 billion. The award recognizes the successful acquisition of a PTA-PET production facility in Corpus Christi, Texas, from M&G Chemicals by joint venture Corpus Christi Polymers LLC.
The joint venture - between Indorama Ventures Corpus Christi Holdings LLC (a subsidiary of Indorama Ventures Public Company Limited), DAK Americas, LLC (a subsidiary of Mexican chemicals manufacturer Alpek S.A.B. de C.V. (BMV: ALFAA)), and APG Polytech USA Holdings, Inc. (a subsidiary of Far Eastern New Century Corporation (TT: 1402)) – acquired the production facility through a bankruptcy auction. Currently under construction, the completed plant will be the largest vertically integrated PTA-PET production facility of its kind anywhere in the world, with a capacity of 1.1 million and 1.3 million metric tons per year of PET and PTA, respectively. PTA is purified terephthalic acid, a key ingredient in polyethylene terephthalate, commonly abbreviated PET, the most common form of polyester used in making containers as well as in various manufacturing applications.
Longtime client Indorama Ventures is a global chemicals producer based in Bangkok, Thailand. Lowenstein Sandler has represented Indorama Ventures since 2003, advising the company on 10 transactions across the globe.
Global M&A Network covers and serves the alternative investments, corporate growth, mergers, acquisitions, and restructurings industries, world-wide. Covering five continents, and evaluating over 290 eligible deals, the M&A Atlas Awards select winners in various categories of industry/sectors, investors, corporate, restructuring styles, regional and global transactional awards from small, middle-to large cap segments. Winning the independently governed awards equates to achieving the “Gold Standard of Performance” standing in the industry and markets.