29 June 2011 19:32 [Source: ICIS news]
SAO PAULO (ICIS)--Brazilian petrochemical and natural gas group Ultrapar Participacoes will focus growth on specialty chemicals and gas through its company Oxiteno, the company said on Wednesday.
Ultrapar, which also operates in Mexico and Venezuela, plans to expand globally in the chemical sector and aims mainly at the Latin American market.
The company plans in August to move to a more rigorous investment model on the Sao Paulo Stock Exchange by joining Brazil’s Novo Mercado at Bovespa.
However, according to the group, the domestic market will have most of the investments that could total over Brazilian reais (R)1bn ($633m) in 2011 for all sectors, aiming roughly at 20% growth this year.
This amount would not include the investment for acquisitions, the company said.
Ultrapar added that it intends to obtain marked growth, prominence in technology and achieve productivity gains, besides renovating the existing operations.
According to Ultrapar, the company plans its new investments using its own financial resources and said it will have more opportunities and access to financial growth as it joins the new investment model.
($1 = R1.58)
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