Abstract
The Thai chemical maker Indorama Ventures has entered exclusive negotiations with the Brazilian conglomerate Ultrapar Participações to buy Oxiteno, Ultrapar’s specialty chemical business. The parties have yet to hammer out a purchase agreement. “Conditions of the transaction, including value, are still under consideration,” Ultra says. Oxiteno is one of the linchpins of Brazil’s chemical industry. Its key products include surfactants, solvents, glycols, ethanolamines, fatty alcohols, glycerin, and fatty acids. It earned $70 million in 2020 on $1.0 billion in sales. Its assets are valued at $1.7 billion. In recent years, the company has been branching out of its home country. Its biggest such move came in 2018, when it started up a $150 million ethoxylation unit in Pasadena, Texas, on the site of a former vitamin E plant. Oxiteno claims to be the world’s second-largest producer of ethoxylated chemicals, behind BASF. Indorama has grown over the past 2 decades into
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