Ultrapar Participacoes, through its subsidiary Oxiteno, has entered into a sale and purchase agreement to buy all shares of Uruguayan chemical company American Chemical for approximately $79m.
The acquisition will enable Oxiteno to strengthen its position in Brazil as a leading producer of surfactants and specialty chemicals as well as allow commercial, operational and administrative gains.
The acquisition marks a continuation of Oxiteno's expansion of its international operations, which began in 2003.
American Chemical owns an 81,000t per annum specialty chemicals plant in Montevideo, Uruguay, which produces sulfonates and sulfates surfactants for the home and personal care industries, as well as products for the leather industry.
The transaction's closing is subject to compliance with certain conditions, notably the favourable result of due diligence checks, while the acquisition value is subject to the customary working capital and net debt adjustments on the closing date.
This transaction will be submitted to the appropriate regulatory authorities.