Posted August 2, 2016

 

CHARLOTTE, N.C. – DAK Americas announced today that it has completed the transaction with IMG Group of Portugal to acquire a controlling interest in Selenis Canada, Inc.

 

Selenis Canada Inc. operates a polyethylene terephthalate (“PET”) plant in Montréal, Québec, with a capacity to produce 144 ktons/year of PET resin.

 

The facility offers the ability to expand operations into Canada, to produce differentiated products and enhance raw material synergies.

 

The PET resin business in North America is going through a period of change, with major new capacity being built by M&G in Corpus Christi, Texas, and the 2015-16 antidumping suit against PET resin from China, India, Canada and Oman, according to Alasdair Carmichael of PCI Wood Mackenzie, reporting in a news service email. As a result, consolidation is expected, he said.

 

“This move by DAK to acquire a controlling interest in Selenis brings the smallest PET producer in N orth America (144,000 tons/yr capacity) into the DAK Americas business,” Carmichael said. “In 2015, before the full impact of the antidumping ruling was felt, Canadian exports to the U.S. were 132,000 tons and Selenis was the only Canadian producer.”

 

Terms of the transaction were not disclosed. The transaction has been approved by the Canadian Competition Bureau.

 

Source:  DAK Americas LLC and internal sources

DAK Americas acquires controlling interest in Selenis Canada