MOSCOW (MRC) -- Mexican petrochemical producer Mexichem is reportedly planning to build new facilities and enhance its existing plants this year with an investment of USD800 mln, said Chemocals-technology.
Mexichem CEO Antonio Carrillo was quoted by Reuters as saying: "This is the most important year for Mexichem in organic investment."
The company operates 122 manufacturing facilities, mines and laboratories in over 30 countries worldwide.
"We're a conservative company financially, which means that since we bought a lot last year, we're in the digestion process, reducing debt."
The investment budget for this year represents a three-fold increase on Mexichem's spending last year.
As part of the investment, around USD400mln will be used for the company's ethylene plant in Texas.
Mexichem will use approximately USD100mln in projects that are being developed in partnership with state oil company Pemex.
The remaining USD300m will be used for organic growth opportunities, Carrillo added. The petrochemical firm plans to pursue acquisitions in South and North American and Asian markets.
"We're a conservative company financially, which means that since we bought a lot last year, we're in the digestion process, reducing debt," Carrillo added.
As MRC informed earlier, for the first quarter, Mexichem recorded a 9% increase in revenues to USD1.4bn, compared to USD1.32bn last year. Earnings before interest, taxes, depreciation, and amortisation remained the same, at USD198mln.
Mexichem, of Tlalnepantla, an industrial municipality close to Mexico City, is Latin AmericaпїЅs largest manufacturer of PVC pipe, vinyl resins and compounds. The company has annual revenues of more than USD5 billion and has been listed on the Mexican Stock Exchange for more than 30 years.