12 April 2012 22:18 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--The Texas specialty chemicals plant that was purchased by Brazil-based Oxiteno previously belonged to US-based Old World Industries, according to property records reviewed on Thursday.
The site's address is 9801 Bay Area Boulevard in Pasadena, Texas, the company confirmed, and Oxiteno bought the plant from Pasadena Property.
Records indicate that Pasadena Property is part of Old World Industries.
The two companies share the same mailing address, according to documents filed with the Harris County Appraisal District and the Texas Secretary of State.
Moreover, the general partner of Pasadena Property is Pasadena Management, whose officers are Old World founders Thomas Hurvis and Riaz Waraich, according to documents from the Texas Secretary of State.
Old World Industries was not immediately available for comment.
Oxiteno said it bought the plant for $15m (€11m), the company said. It plans to spend an additional $15m to retrofit the plant so it can make Oxiteno's line of specialty surfactants.
The plant has a capacity of 32,000 tons/year, and operations should start in 2013, Oxiteno said.
Oxiteno said it would use the infrastructure at the Pasadena site as a platform for more expansion in the US, which is the largest surfactants market in the world, the company said.
Oxiteno is a subsidiary of Ultrapar.
Earlier this year, Old World Industries sold a nearby EO and EG facility to Thailand-based Indorama Ventures.
Additional reporting by Al Greenwood
($1 = €0.76)
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