RIO DE JANEIRO, BRAZIL – Thailand’s Indorama Ventures is in exclusive talks with Brazilian company Ultrapar to acquire its Oxiteno chemical unit for R$1.5 billion (US$297.43 million), newspaper Valor Economico reported on Tuesday, June 15.
Oxiteno has 11 plants in Brazil, Mexico, Uruguay and the United States. Ultrapar has been divesting some assets to concentrate on oil and gas businesses.
The Brazilian company declined to comment on the matter and Indorama did not immediately respond to a Reuters request for comment.
Oxiteno, a wholly-owned subsidiary of Ultra Group, is a Brazilian multinational manufacturer of surfactants and chemicals. The company develops and supplies raw materials to industries in over 30 sectors including cosmetics, personal care, household cleaning, and industrial, agrochemicals, paints, and varnishes.
Oxiteno operates in nine countries throughout the Americas, Europe, and Asia. It has three research and development centers, twelve industrial plants in Brazil, the United States, Mexico, Uruguay, and Venezuela, as well as commercial offices in Argentina, Belgium, China, and Colombia.
According to research conducted by Info Exame magazine in partnership with ESPM, Oxiteno was selected as the ninth most innovative company in Brazil in 2014
With information from Reuters
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