Synthetic and artificial yarns and fabrics producer La Seda de Barcelona’s €320 million finance agreement for its facilities in Sines, Portugal, has been approved.

The deal is a long-term financing agreement spanning 15 years with a comfortable repayment schedule in place for the next 5 years. The finance agreement has been organised by Portuguese bank CaixaGeral.

The building of the plant began last March and, according to the company, the factory will put an end to Europe’s current deficit for PTA. It says that the 500,000 tons currently imported from Asia can be produced at the Sines plant, which will eventually have an annual capacity of 700,000 tons.

Approximately 150 new direct jobs and 200 indirect jobs will be generated.

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