Jun 17, 2015, 10:29 ET
PHILADELPHIA, June 17, 2015 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (NYSE: PEI) comments on Shell Chemical's acquisition of a 1,000-acre former zinc smelter located in Beaver County, PA, a Pittsburgh suburb only one and a half miles away from PREIT-owned Beaver Valley Mall, for a proposed ethane cracker plant:
"We are encouraged by the progress being made toward the proposed new cracker plant. This transaction creates tremendous opportunity for Beaver Valley Mall and sets the stage to completely revitalize the trade area," said Joseph F. Coradino, PREIT CEO. "As plans move forward, the construction of this multibillion dollar facilility will create significant economic activity and new jobs and produce nearly $5 billion in chemical output, making Monaca a critical piece of the manufacturing and industrial activity in the region."
As proposed, Shell would utilize the petrochemical plant to chemically "crack" and convert ethane from the Marcellus Shale into polyethylene, which is used to manufacture plastic products. According to a study by Robert Morris University's School of Business from December 2014, construction of the plant is expected to result in an increase in construction and ancillary employment by an annual average of approximately 3,700-4,600 jobs in Pennsylvania over the five-year construction period. Once the plant is open, it is expected that over 5,000 plant and ancillary jobs will be created in Pennsylvania with approximately 400-900 in Beaver County.
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates 28.5 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.
VP, Corporate Communications and Investor Relations
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