The company –a subsidiary of an Italian based Petro-chemical plant– was supposed to produce more than one million tons of plastic used to make soda bottles but was closed after multiple companies took out liens against the plant leaving them unpaid.
The old M&G plastics plant is in the works to be purchased as part of a joint venture between three global materials firms for more than $1 billion dollars. The group named Corpus Christi Polymers is a collaboration from companies out of Mexico, Thailand and Taiwan.
The project –known as “jumbo” by M&G Resins was touted back in 2011 by former Governor Rick Perry as a way to strengthen Texas’ economy. The company –a subsidiary of an Italian based Petro-chemical plant– was supposed to produce more than one million tons of plastic used to make soda bottles but was closed after multiple companies took out liens against the plant leaving them unpaid.
The completion of the plant is only at 80 percent. Officials with the venture say when it is completed the plant will be the largest plastics plant in the Americas.
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