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Suzano Petroquimica Announces Conclusion of Acquisition of Entire control of Polibrasil Resinas S.A.

Petrochemical industry | 10 Jan 2005 IST | Polymerupdate.com
Thursday September 1, 2:08 pm ET

SAO PAULO and RIO DE JANEIRO, Brazil, Sept. 1 /PRNewswire-FirstCall/ -- Suzano Petroquimica S.A. (BOVESPA: SZPQ4) (LATIBEX: XSUPT) ("Suzano Petroquimica" or the "Company") announces that it has concluded the acquisition of the entire control of Polibrasil Resinas S.A. ("Polibrasil"). The financial settlement and the property transfer, amounting to US$ 276.8 million, were finalized today.

The transaction included the simultaneous sale to Basell International Holdings BV ("Basell") of Norcom Compostos Termoplasticos do Nordeste S.A., to which the whole business of polypropylene compounds, previously owned by Polibrasil, was transferred for US$ 23.0 million, resulting in a net disbursement of US$ 253.8 million for the transaction.

Additionally, Suzano Petroquimica will implement a restructuring to simplify its corporate structure and turn itself into an operational company, accomplishing its commitment to the market.

As a result of this transaction, Suzano Petroquimica becomes the Latin American leader in the production of polypropylene, with total production capacity of 625 thousand tons per year, reaching 875 thousand tons per year after the implementation of the approved expansion project, and the second largest Brazilian producer of thermoplastic resins, with consolidated net revenues of R$ 1.719 millions for the period from July~04 to June~05.
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