October 22, 2024 17:13

Alfa, a Mexican conglomerate, has announced its intention to spin off its subsidiary Alpek, one of the main American polyester producers, to focus on its core business in the food industry.

The final decision will be made at an extraordinary shareholders meeting scheduled for Oct. 24.
The financial transaction involves creating a new entity, Controladora Alpek, which is expected to be listed on the stock market next year. Alfa's shareholders will receive one share of Controladora Alpek for each Alfa share they own, while maintaining their stake in Alfa.

Headquartered in Mexico, Alpek produces PTA and virgin or recycled PET, as well as polypropylene through the Indelpro joint venture with LyondellBasell, and expanded polystyrene (EPS) through Styropek.
The company operates around 30 sites with a polyester production capacity of approximately 8.6 million tons. In 2023, it generated revenues of $7.76 billion, accounting for 48% of Alfa's total revenue.

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