Canadian PTT Partnership Shuts Down

Montreal, Quebec, Canada, March 4, 2009--PTT Poly Canada Limited Partnership said it would permanently shut down operations at its plant in Montréal-East.

PTT Poly Canada, built in 2002 with start-up in 2004, was the first commercial demonstration of continuous PTT polymerization technology.

Due to the global overcapacity in the polymer industry compounded by the downturn in North American carpet industry, the business has never been able to achieve profitability.

Increased interest for the product in Asian textile applications has not been able to overcome the loss of demand.

PTT Poly Canada's limited partners Shell Chemicals Canada Ltd. and Société générale de financement du Québec (SGF) agreed to exit the business.