Benzene & caprolactam producer Braskem SA assumes 100 percent of the voting share capital of Politeno and plans to expand its production capacity Braskem announces that it has acquired Politeno in a move which represents an important step forward in the implementation of Braskem´s growth strategy, value creation and the consolidation of its integrated business model.
The aquisition was completed through an agreement in which Braskem will purchase all of the total and voting share capital owned by Suzano Petroquímica S.A., Sumitomo Chemical Co. and Itochu Corporation in Politeno.
Upon completion of this acquisition, Braskem will own 100 percent of the voting share capital and 96.15 percent of the total share capital of Politeno.
“The acquisition of Politeno by Braskem represents another significant step in the consolidation of the Brazilian petrochemical sector, which is intended to ensure the conditions that will favor growth and to increase competitiveness of the entire petrochemical production chain to meet the challenges posed by globalization of markets,” said José Carlos Grubisich, CEO of Braskem.
Latin American Braskem SA will make an initial payment in an aggregate amount of US$111.3 million (US$60.6 million to Suzano Petroquímica and US$50.7 million to Sumitomo and Itochu).
The final value of Politeno will be calculated based upon Politeno's operating performance during the next 18 months, as measured by variations in polyethylene and ethylene margins in the Brazilian petrochemical market.
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