M&G Group, a Tortona, Italy-based manufacturer of PET resins and films for packaging applications, has selected Corpus Christi, Texas, as the location for two new plants.
M&G Group will build a previously announced PET plant with an annual capacity of 1 million tons and an accompanying PTA plant with an annual capacity of 1.2 million tons.
The new plants will generate approximately 250 new jobs, the company said.
M&G Group also expects the project to create an additional 750 indirect jobs and as many as 3,000 construction jobs.
The company cited Corpus Christi's location on the Gulf of Mexico, home to the sixth-largest port in the United States, as a big reason for choosing the city.
"Corpus Christi is an excellent strategic home for what will be M&G's largest-ever investment," said Marco Ghisolfi, CEO of M&G's Polymers Business Unit. "It has exceptional highway, deep-water and rail access, including three Class 1 railroads."
Ghisolfi also noted that the "aggressive business-friendly approach" of the Corpus Christi Regional Economic Development Corp. and Gov. Rick Perry's Economic Development & Tourism Division played a role in the decision to come to Corpus Christi, as did the presence of refineries and chemical producers in the area.
"The excellent port infrastructure... allows the benefit of having marine access to most of the PTA/PET facility's key raw materials: paraxylene, acetic acid and ethylene glycol," added Ghisolfi.
$4.8 Billion Economic Impact
The new plants will add $780 million in direct and indirect payroll to Corpus Christi over 10 years, the Corpus Christi Regional Economic Development Corp. said.
The economic development organization expects the total economic impact of the new plants on Corpus Christi to be $4.8 billion during that same time period.
M&G Group estimates that the plants will be completed in 30 months.