13 December 2012 18:39 [Source: ICIS news]
HOUSTON (ICIS)--MWV Speciality Chemicals has completed the acquisition of Brazilian oleochemicals producer Resitec Industria Quimica, the US-based subsidiary of MeadWestvaco said on Thursday.
Resitec serves the Latin American pine chemicals industry with products for the rubber, lubricants, food and adhesives markets.
In Rio de Janeiro, Resitec has manufacturing facilities in Duque de Caxias and an administrative office in Barra da Tijuca. It also has a tall oil refinery in Palmeira in Santa Catarina, Brazil.
MWV and South Africa-based AECI had a 50:50 joint venture partnership interest in Resitec for four years, but the two companies agreed in November to move it to one owner, MWV said.
Financial terms were not disclosed.
According to the agreement, MWV will make investments in Brazil to continue serving Resitec’s markets, as well as new ones including the asphalt and oilfield industries.
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