PTT Poly Canada, L.P. attracts a foreign investor

MONTREAL , Dec. 9 /CNW Telbec/ - The IMATOSGIL GROUP (IMG) today announced the purchase of PTT Poly Canada Limited Partnership's East Montreal plant. The sale was completed on November 30, 2009 .

IMG plans to modify the current plant to produce PET (polyethylene terephthalate) one of the world's most commonly used thermoplastic resins for the packaging industry. The plant is due to start operations during the third quarter of 2010. After the reconversion work is completed the plant will be the sole PET producer in Canada .

The Montreal company will operate under the name SELENIS, a name synonymous with quality and reliability, with an established presence within the European market. IMG is a Portuguese based international company pursuing activities in five distinct arenas: (i) financial investments, (ii) private equity, (iii) petrochemicals, (iv) real estate and (v) renewable energy.

Société générale de financement du Québec (SGF), a PTT Poly Canada sponsor, is optimistic about this transaction, as Selenis Canada will benefit from the established Aromatics cluster in Montreal-East.

"We are very pleased with this news, as IMG will ensure not only the plant's business continuity, but also the creation of about 60 jobs" said Giovanni Iadeluca, CEO of Selenis Canada .

For further information: Selenis Canada Inc: Giovanni B. Iadeluca, C.A., CEO, [phone]; PTT Poly Canada: Nancy Rioux, [phone]; Société générale de financement du Québec: Sophie Alarie, [phone]