Indorama Ventures Acquires Oxiteno
BANGKOK – Chemical company Indorama Ventures Public Co. Ltd. (IVL) recently completed its acquisition of Brazil-based Oxiteno S.A. Indústria e Comércio, becoming a leading global supplier in high-value surfactant markets.
The acquisition of Oxiteno, formerly a subsidiary of Ultrapar Participações S.A., was announced in August 2021 and became effective April 1, 2022, after the transaction was approved by Brazil’s Administrative Council for Economic Defense (CADE). Through the acquisition, IVL extends its growth profile into markets in Latin America and the United States, with additional potential to expand in Europe and Asia. Oxiteno will become part of IVL’s Integrated Oxides and Derivatives (IOD) business segment, which IVL formed in 2020 with the purchase of assets from U.S.-based Huntsman (Spindletop transaction).
D K Agarwal, IVL’s CEO, said, “This strategic acquisition is aligned to our Vision 2030 of growing our industry leadership in sustainability and our continued goal to double our EBITDA every five years. Based on our experience of completing some 50 acquisitions in 20 years, the quality of Oxiteno’s people and our shared values were important considerations. Oxiteno brings an excellent management team, strong customer relationships in Brazil, Uruguay and Mexico, expertise in sustainability innovation, and a strong ESG/sustainability program. We welcome our new IVL family members and look forward to fulfilling our purpose of ‘reimagining chemistry together to create a better world.’”
The Oxiteno acquisition includes 11 manufacturing plants in Latin America and the United States and five R&D centers. Through Oxiteno, IOD assumes a leading position in technologies catering to surfactant solutions in various markets, including coatings.
Joel Saltzman, CEO of IOD, North America, IVL, said, “The addition of Oxiteno’s manufacturing sites in Mexico and the U.S. provides a significant advantage for our raw material sourcing in the region. Our increased presence in Mexico is beneficial to our existing business there, making us more competitive in the marketplace. Oxiteno’s Pasadena site in Texas accelerates IOD’s surfactants growth plans in the U.S.”
Learn more at https://oxiteno.com and www.indoramaventures.com.
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