The Belgian chemicals group Solvay agreed to sell its 70% share in Argentine petrochemical company Indupa to Brazilian chemical group Unipar Carbocloro for 202 million USD. The completion of the sale transaction is subject of antitrust review and other customary closing conditions, scheduled to complete in the last quarter of 2016. With the sale Solvay will inject a fresh liquidity to the new developing business of Cytec, as well as its plants modernization.
“Our Group has moved another step further in its transformation journey, while securing the right conditions for the future success of our Latin American chlorovinyls activities: we signed an agreement to sell our 70.59% stake in Solvay Indupa to Brazilian chemical group Unipar Carbocloro”, said the Member of the Executive Committee, Vincent De Cuyper. “Unipar Carbocloro is a solid, reputable industrial operator in the chloro-alkali business, with a clear ambition to grow in chlorovinyls. This is a good news for Indupa teams”, added he in official statement.
The petrochemical company Indupa has a plant located in Bahía Blanca, Argentina, with an installed production capacity of 220,000 tons of PVC and 160,000 tons of soda ash. The company also owns plant in Santo Andre (SP) with a production capacity of 290,000 tons of PVC and 150,000 tons of soda ash. Indupa owns 58% of capital of Solalban Energía, which operates power generation assets in Argentina.
Indupa is one of the largest petrochemical companies in Latin America. The company is headquartered in Buenos Aires and has a Brazilian office located in Sao Paulo. Indupa was established in Río Negro Province on September 16, 1948, and became a leading local producer of chlorine, Polyvinyl chloride resins (PVC), and caustic soda.