Far Eastern New Century Corporation (FENC), a renowned name in Taiwan polymers & advanced materials industry has recently announced that it is buying a PET plant that was formerly owned by M&G Polymers USA LLC in Apple Grove, West Virginia.
As per reports, the company has successfully bid over 1 billion Taiwan dollars (app. USD 34 million) for the polymer plant and a research center based in Ohio on the 1st of February 2018. The deal seems to be a well-planned strategic agreement that will allow FENC to open its first production site in the thriving U.S. polymer & advanced materials industry. For the record, the West Virginia based 424-acres PET plant is reported to have an annual capacity of around 360,000 tons.
According to reliable reports, M&G Polymers, that comes under the umbrella of M&G Chemicals (Mossi & Ghisolfi), one of the reputed names in polymers & advanced materials industry, ceased the plastic production at its PET facility in West Virginia, late in September 2017. Sources reveal that the company was facing several financial difficulties which may have led to it filing for bankruptcy protection to the Mason County Commission. Post days of rumors & speculation, the news was confirmed by trusted reporters that the company has given a written notification, ceasing its production activities to the Mason County Commission.
M&G Polymer’s filing for its bankruptcy, according to experts, has opened door for several other polymer industry players to seize lucrative growth opportunities. A month earlier, tabloids were ablaze with Indorama Ventures Holdings LP U.S., named as a potential bidder for the Apple Grove, W.Va. and the Ohio research and development site. However, FENC was reported as another prominent bidder that stepped forward with a higher offer.
Currently, FENC has PET production sites based in China, Taiwan, and Vietnam. The plant in Vietnam is slated to start production from June 2018.