Titan confirms Peni purchase<\/p>\n
KUALA LUMPUR: Titan Chemicals Corp.'s 100 percent owned Titan
\nPetchem (Malaysia) Sdn. Bhd. unit will buy all of Indonesian
\npolyethylene producer PT Petrokimia Nusantara Interindo (Peni),
\nBernama news agency said on Thursday.<\/p>\n
Citing Titan Chemicals managing director Donald Condon, the
\nreport said the purchase would raise Titan's polyolefin capacity
\nalmost 50 percent.<\/p>\n
\"Our current production capacity is near its limits and we are
\nnow looking at focusing on profitable growth, and the proposed
\npurchase of PT Peni is the first step toward these efforts,\"
\nCondon was quoted as saying.<\/p>\n
PT Peni has an annual capacity of 450,000 metric tons of
\npolyethylene, Condon said.<\/p>\n
Bernama did not say how much the deal is worth, but local
\nnewspapers earlier on Thursday said the Indonesian purchase would
\ncost Titan between US$23 million and $50 million.<\/p>\n
Titan suspended trading in its shares midday Wednesday,
\npending the announcement of a \"substantial acquisition.\" The
\ncompany produces olefins and polyolefins, materials used in a
\nbroad range of plastics and fibers. -- Dow Jones<\/p>",
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