Rhodia sells Mexico surfactants unit to Brazil's Ultrapar

01 July 2004 17:03  [Source: ICIS news]

SALVADOR, Brazil (CNI)--Rhodia said Thursday it has sold its surfactant production assets in Mexico to Brazilian chemicals holding group Ultrapar.

 

A Brazil-based spokesman for Rhodia said surfactants production was halted at the Veracruz, Mexico site ahead of the divestment. He declined to reveal capacity details.

 

French-headquartered Rhodia has divested the surfactant activities, which were administered by the group’s US division, because of weak demand, the spokesman added.

 

Ultrapar said in a statement that Canamex, its Mexican subsidiary, paid $2.7m (Euro2.2m) for the Rhodia assets. The transaction was completed yesterday.

 

Canamex, which Ultrapar acquired in December last year, has achieved a 280% rise in profits in the first five months this year compared with the same period last year, reported Ultrapar.

 

The Rhodia acquisition will enable Canamex “to accelerate its growth and obtain a substantial increase in market share,” the group stated.

 

Ultrapar said that through its Canamex subsidiary it has a “long-term commitment to the Mexican market, where we continue to identify new opportunities.”

 

Ultrapar controls Oxiteno, which is Brazil’s sole producer of ethylene oxide (EO) and derivatives, plus LPG distributor Ultragaz and chemicals storage and transportation company Ultracargo.

By: Anna Jagger
+1 713 525 2653

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