FENC buys M&G Polymers plant

Far Eastern New Century Corporation (FENC), a leading company engaged in polymers and advanced materials, has reportedly won the bid for the polymer resin plant of M&G Polymers USA LLC located in Apple Grove. FENC, according to media reports, is paying about $34 million for the asset which also includes a research center in Ohio. This will be FENC's first resin production plant in the United States.  

 

M&G Polymers USA has stopped operating its plant in September after filing a notification to cease operations in the Mason County Commission. In October, it was reported that it filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. Based in West Virginia, the M&G polymer plant covers 424-acres with an annual capacity of around 360,000 tonnes.

 

FENC has PET production plants in China, Taiwan, and Vietnam. The Vietnam plant is expected to start production by June 2018. The company is currently the top 5 PET producer globally in terms of capacity and was the first PET producer in Asia. With expansion in the US, FENC has considered several factors, among them, having a strong presence in the US market, considered one of FENC's major international markets.