08 June 2011 01:30 [Source: ICIS news]
SAO PAULO (ICIS)--Brazil’s styrenics and acrylics producer Unigel will invest $300m-400m (€207m-276m) to build a methacrylates plant in Mexico, a source close to the company said on Tuesday.
The unit would be built in the state of Veracruz and would be capable of producing 100,000 tonnes/year of methacrylates and 50,000 tonnes/year of sodium cyanide for export, the source said.
The plant could have investments from foreign groups and is expected to be operating by 2014.
Unigel did not specify which investment groups would be interested.
Unigel already operates a 25,000 tonne/year methacrylates plant in Veracruz, the source said.
Meanwhile, Unigel plans to launch an initial public offering (IPO) of shares at the Sao Paulo Stock exchange (Bovespa) by the end of 2011, the company announced.
Unigel has already chosen the institutions that will coordinate the operation. However, the names of the banks were not unveiled.
Unigel has delayed its IPO plans before as a result of the latest global financial crisis.
The company has had its finances audited for years and said it is now ready to go public.
($1 = €0.69)
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