The hottest European pet manufacturers are in deep

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European pet producers are in deep financial crisis

La sedade Barcelona, a pet producer that dominates the European market, finally disclosed the financial problems they face. In 2008, the whole La sedade Barcelona lost 565million euros

a month ago, La sedade, which was heavily indebted due to large-scale acquisitions in recent years, announced an annual loss of 368million euros. At that time, La sedade Barcelona researchers found that they admitted that four audit members refused to approve the verification of the company's accounts. However, the current annual profit and loss figures have been approved by the audit team

la Seda attributed the sharp increase in losses in 2008 to the decline in the consumer market and unstable oil prices, especially in the second half of the year, which directly led to the decline in end-user inventories

at the same time, La sedade Barcelona's main PET production base in Spain was finally put into production after being shut down for nearly two months. The initial output will reach 100000 tons. With the delay of time, it will reach the designed annual output of 170000 tons

At the end of June, the group reported the bright prospects of this market this year and raised the expectations of the PET packaging department in the coming months. Lasedade disclosed that its revenue in the first few months of 2009 reached 18million euros, 4million euros more than originally expected

earlier this year, lasedade also idled their pet department in Sanroque, southern Spain, and recently idled their pet raw material production department in Tarragona, Spain

the bank that borrowed 600million euros from La Seda recently approved a temporary moratorium on repayment. Allow the team to continue to operate while formulating a plan that adapts to the current market environment. At present, many large PE pipelines in La Seda market have low financial requirements. The spokesman said that as part of the reconstruction plan, the directors of La Seda agreed to sell non strategic assets in the medium term. This part of assets will not only increase the aging rate due to the new temperature. The number of energy vehicles is close to 1million, bringing € 250million to € 325million to the company. He also suggested that other equity holders increase their investment in the company to strengthen the balance of the company's assets

as a measure to reduce costs, the company's chemical department transferred their multinational cooperation operation Department from Barcelona headquarters to the EI part in deliobregat

about La Seda: La Seda is a leading manufacturer of PET bottle grade resin and a major supplier of PTA market. It has 670000 tons/year PTA plant in Wilton, UK

Spain's lasedadebarcelona company (LSB) has started the construction project of a purified terephthalic acid (PTA) plant with a capacity of 700000 T/A in Portugal. The plant will cost 400million euros and is planned to be completed by the end of 2009 and put into operation in the first quarter of 2010

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