Abstract: The process of the present invention reacts a polyhydric alcohol and a second reactant selected from the group consisting of polycarboxylic acid, anhydride or an ester of a polycarboxylic acid in a first reactor to produce a flowable intermediate ester. During this reaction, volatile by-product is removed. The flowable intermediate ester is transferred to a holding vessel from which it is metered to a second reactor. Additional polyhydric alcohol may be added to the flowable intermediate ester which may be preheated by heat exchange with the finished polyester before introduction to the second reactor. A polyalkylene terephthalate feed is introduced to the second reactor in which it is reacted to form a finished polyester which is continuously removed from the second reactor. By altering the feeds to the second reactor, the physical characteristics of the finished polyester may be changed to meet various specifications.