Spanish polyethylene terephthalate producer La Seda de Barcelona said Friday it has sold industrial and intellectual rights to a number of its processes to India's Invista.
The Spanish company, which has made trading losses for the last four years, said in a stock exchange filing that it sold its technology to Invista to build and operate PET and purified terephthalic acid plants in Europe, the Middle East and Asia.
La Seda has retained the right to use the technology in its existing plants and the latest deal will not affect other agreements it may have previously signed with third parties regarding the technology, the company said.
La Seda did not disclose financial details of the deal.
The Barcelona-based company, which has been suspended from the stock exchange since 2009 after it filed for bankruptcy, said earlier this year it intends to rationalize all of its chemical businesses to allow it to attract a new investor in the company. This would mean incorporating all its business in the PTA, Glycol, PET and recycled PET industries.
