Brazil Petrobras to sell Innova to Videolar for $372m

16 August 2013 23:49  [Source: ICIS news]

HOUSTON (ICIS)--Brazil-based Petrobras plans to sell its styrenics producer Innova to Videolar for reais (R) 870m ($372m, €279m), Petrobras said on Friday.

The deal is subject to regulatory approval.

Innova has been for sale since late 2012.

Innova produces ethylbenzene, styrene and polystyrene (PS). Its production is in the petrochemical complex of Triunfo in the southern state of Rio Grande do Sul.

Petrobras bought the company in 2011 for $332m.

($1 = €0.75, $1 = R2.34)

By: Al Greenwood
+1 713 525 2645

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