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.
The Lowenstein team on this transaction included Nicholas San Filippo IV, Sam E. Khan, Paul Kizel, Stuart S. Yusem, Philip J. Gross, Eileen Overbaugh, and Mitchell McDonald.