Octal To Sell 100% Ownership To Petrochemical Company Alpek
OCTAL, maker of DPET® thermoforming PET sheet and a leader in the clear rigid packaging industry, announced today that the shareholders of OCTAL Holding SAOC have entered into an agreement to sell a 100% stake to Alpek, S.A.B. de C.V. (‘Alpek’). With its proprietary direct-to-sheet manufacturing technology and early adoption of advanced PET resin manufacturing processes, OCTAL has become a global leader in PET packaging. The transaction is expected to close in the first half of 2022, subject to customary closing conditions and regulatory approvals.
Speaking on the sale, Nicholas P. Barakat, CEO of OCTAL said, “OCTAL has grown into a globally recognized company and a world leader in PET Sheet, with manufacturing facilities and offices in Oman, USA, KSA and the UAE and sales of over 1 billion USD. Innovation, sustainability and expansion have been key enablers in OCTAL’s success which could only have been achieved with the vision and guidance of our shareholders. Looking ahead, we see a bright future for OCTAL under Alpek’s ownership.”
J.P. Morgan acted as exclusive financial advisor to OCTAL on the transaction and Latham & Watkins LLP were legal advisors to OCTAL.
OCTAL is the world's largest producer of PET sheet and resin on a single site and the world's leading clear rigid packing material supplier, producing nearly 1 million metric tons of bottle grade PET and DPET™ sheet per year. Our large-scale production facilities, innovative products and global reach are enhancing the performance of our customers around the world by converting from PVC, polystyrene and PP to our fully-recyclable and economically-efficient DPET™ solutions.