La Seda de Barcelona sells PET factory in El Prat, Spain, and ethylene oxide and monoethylene glycol factory in Tarragona, Spain, to jewelry and cosmetics manufacturer Cristian Lay for €16M
, May 13, 2014 (Chimie Pharma Hebdo (CBNB Abstracts)) – Jewellery and cosmetics manufacturer Cristian Lay has acquired its compatriot La Seda de Barcelona's factories in El Prat and Tarragona, Spain. According to Chemical Week, the deal was worth EUR 16 M. The El Prat site has 170,000 tonnes/y polyethylene terephthalate capacity and the Tarragona 200,000 tonnes/y ethylene oxide and monoethylene glycol capacity. According to the journal Plasteurope, this acquisition will enable Cristian Lay to enter new markets. The group recently launched a strategy to diversify its operations (in particular to include chemical products). La Seda announced plans for this sale in Jan 2014 when it applied for bankruptcy at the Barcelona commercial court.