Dow sells Brazil PS foam unit to MJDR Participacoes

01 December 2003 17:16  [Source: ICIS news]

SAO PAULO (CNI)--Dow Brasil has sold its share in polystyrene (PS) foam manufacturer Spuma Pac and transfers ownership of the company to MJDR Participacoes today, CNI learned Monday.

The sale is part of Dow Brazil's strategy to bring all of its assets in line with the company's strategic plan, the company said. The sale price was not made public.

Because Spuma Pac was the only PS foam company that Dow owned worldwide, Dow decided to sell the company, Dow officials said.

The president of Dow Brasil, Jose Melnik, said that the operation is beneficial for Spuma Pac because the company has already received ample investment from Dow.

Spuma Pac produces expanded polystyrene (EPS) through the injection of carbon dioxide (CO2) instead of chlorofluorocarbons (CFCs). Spuma Pac is the first company to use this process in Brazil.

MJDR Participacoes will now be Spuma Pac's controlling shareholder.

Spuma Pac is headquartered at Jundiai in Sao Paulo state.

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