PET Producer M&G Group Announces Investment in PET Plant

"I'm glad to have had the opportunity to personally reiterate to Governor Perry, during his recent visit to Italy, our commitment to Corpus Christi, Texas for the world's largest PET integrated plant" said Marco Ghisolfi, CEO of M&G's Polymers Business Unit.

19 Sep 2012 --- M&G Group, leading producer of PET for packaging applications in the Americas and the market's technological leader, announces today that it has purchased the land in Corpus Christi, Texas where it will build its one million tons per year PET plant (2.2 billion pounds) and accompanying 1.2 million tons per year (2.6 billion pounds) PTA plant.

The property has been purchased by the M&G Group from the philanthropic organization, The Robert Driscoll and Julia Driscoll and Robert Driscoll, Jr. Foundation. The land is conveniently located on the northern side of the Viola Channel within the Port of Corpus Christi providing good access to rail and navigable water.

"The final selection and the purchase of the land is an important step as it will allow us to complete detailed engineering and permit filing", commented Mauro Fenoglio, the Project Leader for this important investment.

"I'm glad to have had the opportunity to personally reiterate to Governor Perry, during his recent visit to Italy, our commitment to Corpus Christi, Texas for the world's largest PET integrated plant" said Marco Ghisolfi, CEO of M&G's Polymers Business Unit. He added, "The synergies of the location, adding to the unmatched size and integration efficiency of the plant, will further remove logistic costs, making our operation by far the world lowest cost."

"I always appreciate the opportunity to meet with employers that are looking to Texas as the best place to grow their business, and I'm pleased M&G Group is finalizing its plans to create hundreds of jobs for Texans in Corpus Christi," Texas Gov. Rick Perry said. "The strong business climate we've fostered in Texas continues to attract employers from around the world to create jobs and opportunity in the Lone Star State because of our low taxes, reasonable regulations, fair courts and skilled workforce."