The Portuguese bank Caixa Geral have supported the restructuration of La Seda by giving a loan of 371 million euros. This credit has been approved in 2008 but the catalan company’s status paused the loan until today.

The amortization period of the loan is 15 years, and it’s also complemented by tax
exemption. This non usual method is made by the Portuguese government, since they consider the business made by this company in this country as “public interest”. This loan is to provide crucial support for the financial operations the company has in Portugal, which will allow La Seda to begin trading worldwide.

The purpose of the 371 million Euros credit is for building and setting up a factory in the petrochemical zone of Sines. If everything goes according to the plan, this factory is going to start working in the second half of 2011 and it is planned to reach up to 700.000 tons of PTA (raw materials from which PET packing are made of).

This investment allows La Seda to regain a top position in international markets; also it could generate over 300 job opportunities (direct and indirect).