Wednesday, January 27, 2010

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plant La Seda in El Prat resume its activity in March SEDA BARCELONA

Time: 19:14 Fuente: EFE

Admin Barcelona, \u200b\u200b26 feb (EFE) .- The president of the chemical group La Seda, José Luis Morlanes, today announced that its factory in El Prat de Llobregat (Barcelona), stalled since June last year, activity will resume next March. Morlanes
today met with the Catalan president, Jose Montilla, the Palau de la Generalitat to explain what the current situation of the company, which in recent months has experienced serious economic problems, and submit personally to the president of the Portuguese group Glass BA, Carlos Moreira da Silva, the company that is the new shareholder of silk.
At the meeting, Montilla Morlanes has expressed its strong commitment to place the Silk "as a European company based in Catalonia," despite the Portuguese origin of his new industrial partner, as reported by Efe sources close to the company.
plant El Prat, dedicated to the production of PET, the material used to manufacture plastic bottles and containers, is stopped since the end of June 2009 due to lack of liquidity of the company.
The nearly 200 workers at the plant are affected by a record of employment regulation (ERE) temporal and denounced on numerous occasions delays in the payment of payrolls.
However, the recent grant by the Catalan Institute Finance (ICF), a loan of 15 million to La Seda will provide working capital to the company and will resume in the coming weeks the activity of El Prat.
The Catalan multinational is in the process of renegotiating the syndicated loan signed in 2006 worth 600 million euros. Morlanes
noted in this regard so far has reached agreement with 85% of the creditor banks and the restructuring process forward "by leaps and bounds."
also the capital of 300 million euros to the shareholders of La Seda approved last December, "is ongoing, so the direction of the chemical group is optimistic about a quick solution of economic problems that drag the company whose share price has been suspended for seven months.
Indeed, La Seda announced today that it has made a loan of 371 million euros for the construction of a new PTA plant-material for making plastic containers, in Sines, Portuguese town south of Lisbon.
Portuguese Caixa Geral entity led this operation, which provides funding for a term of 15 years.
La Seda says that this new plant, whose construction began in March 2008, will cover the deficit of PTA in Europe, which imports of Asia about 500,000 tons of this product.
The future factory will be integrated into the Group as Artenius Silk Sines, will begin commercial operations during the second half of 2011 and will have a production capacity of 700,000 tons of PTA. MarketWatch
http://www.invertia.com/empresas/noticias/noticia.asp?idDoc=2279694&idtel=RV011SEDABAR

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