LUXEMBOURG, Jan. 19, 2015 /PRNewswire/ -- M&G Chemicals announces it has completed its issue of the USD 300 million in new equity to TPG Opportunities Partners and affiliated funds ("TPG"), as first announced in a November 13, 2014 press release.
All customary regulatory approvals were recently received, paving the way for execution of the transaction.
As a part of the issuance of new equity, TPG has taken a minority stake in the Company.
Marco Ghisolfi, CEO of M&G Chemicals, welcomed TPG on Thursday, January 15, at M&G Chemicals' new Board of Directors meeting.
Rothschild served as financial advisor to M&G Chemicals. Allen & Overy acted as legal advisors to M&G Chemicals.
About M&G Chemicals
M&G Chemicals is among the three largest producers of PET resin for packaging applications in the world, and the second largest in the Americas, in terms of nominal capacity with 1,600 kMT/year, with nearly 1.4 MMtons/year of installed capacity. The Company employs more than 900 employees in 14 locations in six countries around the world. In 2013 M&G Chemicals posted an annual revenue of €1,675 million.
M&G Chemicals has manufacturing locations in Brazil, Mexico and the USA. Its plants in Suape, Brazil and Altamira, Mexico are the two largest single lines and most efficient in the world (measured in terms of operating costs per metric ton), and are based on proprietary technology. Through its engineering division Chemtex, M&G Chemicals provides technological development, research and engineering services for the construction of plants for customers in the polyester chain (including PET, polyester fibre and PTA production) and LNG industries. These activities are also aimed at enabling the production of PET resin made entirely from renewable sources. M&G Chemicals is an affiliated entity with the Mossi Ghisolfi Group. For further information: www.mg-chemicals.com
TPG was founded in 1992 and has $65 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. The firm's investments span a variety of industries including healthcare, energy, industrials, consumer/ retail, technology, media & communications, software, financial services, travel, entertainment and real estate. For more information visit www.tpg.com.
TPG Opportunities Partners and its related businesses comprise over $10 billion of assets under management.
M&G Chemicals - U.S.:
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SOURCE M&G Chemicals