MEXICO CITY- Mexican petrochemical company Alpek said on Tuesday it has signed an agreement to acquire Octal Holding for $620 million.

Octal Holding is a major producer of PET laminate globally, and the financing for the acquisition will be covered through cash available on the Monterrey-based firm's balance sheet, funds from its existing businesses and bank loans, Alpek said.

"This transaction is ideal for Alpek. Through a single acquisition we get access to the growing and profitable segment of PET laminate," Alpek Chief Executive Officer Jose de Jesus Valdez said in a statement.

(Reporting by Valentine Hilaire and Raul Cortes) ((Valentine.Hilaire@thomsonreuters.com;))