Plastics plant prices at $1 billion in Corpus ChristiPlastics plant prices at $1 billion in Corpus Christihttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=85802013-01-15T13:29:00Z2013-01-14T00:00:00Z

CORPUS CHRISTI - The M&G Group of Italy — a plastics manufacturer — has awarded a $1 billion construction contract for two new plants on the north side of the Corpus Christi Ship Channel to Sinopec Engineering Group.

The M&G Group of Italy bought land and secured local tax abatements for the plants last fall, and has signaled that construction could end by 2016, assuming it obtains environmental permits.

The plants will produce PET, plastic pellets used to make bottles and food packaging. They would be capable of making 1 million tons of resin per year, making M&G one of the biggest domestic players in an industry that generates about 3.1 million tons annually in North America, according to Petra, an industry trade group.

M&G projects 250 permanent new jobs, 700 indirect jobs and 3,000 construction jobs. The average annual salary at the plant is expected to be $53,000.

See previous NewsTalk Texas.

Corpus Christi Caller-Times
Corpus Christi
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