CORPUS CHRISTI - Governor Rick Perry announced today that a M&G Group, a PET resin manufacturer, has chosen Corpus Christi for its latest plant. According to a news release, "the expansion is expected to create at least 250 direct jobs at the facility, and generate several millions in capital investment." The Corpus Christi Regional Economic Development Corporation believes the facility will bring in over $4.8 billion over 10 years, with payrolls reaching $780 million.

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M&G Group is a family owned chemical engineering and manufacturing group headquartered in Tortona, Italy. The company operates in the PET resin industry through its wholly-owned holding company Mossi & Ghisolfi International S.A. (M&G International). M&G International is the third largest producer of PET resin for packaging applications in the world, with a production capacity in 2010 of approximately 1.6 million tons per annum. According to M&G Polymers Business Unit CEO Marco Ghisolfi, "Corpus Christi is an excellent strategic home for what will be M&G's largest ever investment. It has exceptional highway, deep-water and rail access, including three Class 1 railroads", said Marco Ghisolfi, CEO of M&G's Polymers Business Unit.