An affiliate of US-based private equity investment firm HIG Capital is to acquire Brazilian chemical company Elekeiroz from controlling shareholder Itaúsa –InvestimentosItaú.
Under the agreement, HIG will buy 96.5% in shares of the chemical firm from Itaúsa. Additionally, the company plans to acquire the remaining shares as soon as possible.
HIG Latin America managing director and head Fernando Marques Oliveira said: “We are very much looking forward to working with Elekeiroz. The management team has done a terrific job in building a leadership position across all its products and HIG will now support the company in its organic and inorganic growth plans as well as cost efficiency projects.
“We are especially pleased to have the opportunity to work alongside Itaúsa in structuring this transaction to unlock value in an asset, which is no longer part of their investment priorities.
“We have the opportunity to work alongside Itaúsa in structuring this transaction to unlock value in an asset, which is no longer part of its investment priorities.”
“This transaction demonstrates the ability of HIG to partner with leading groups in Brazil to tailor transactions to meet their specific needs.”
Elekeiroz generated sales of more than R$975m ($282.01m) last year and is the lone producer of oxo-alcohols in Latin America and manufacturer of plasticisers in Brazil.
The company runs two production sites in Várzea Paulista and Camaçari, Bahia, and produces phthalic and maleic anhydrides, sulphuric acid and other by-products.
Elekeiroz CEO Marcos De Marchi said: “It is very exciting for us to partner with HIG, that, with its longstanding track record of value creation and the collaborative nature of its investment team, can significantly add to the company’s ambitious projects going forward.”
Upon completion of the transaction, De Marchi and Elekeiroz’s management team, responsible for leading Elekeiroz during the last six years, will continue with the company.
Source: Chemicals Technology
Researchers have developed a new chemical process capable of vaporizing plastics and converting them into hydrocarbon building blocks for new materials. This catalytic process breaks down two of the most dominant types of post-consumer plastic waste — PE and PP — into monomers, offering a potential solution to packaging waste management.
On 2 September 2024 it has been agreed that Heikki Malinen will assume the role of Neste’s President and CEO on 15 October 2024. He succeeds Matti Lehmus, who will continue as the President and CEO of Neste until 14 October 2024 and then act as an advisor to the company and its management until mid-November 2024 to ensure a smooth transition.
Eni SpA (Rome) and Azerbaijan’s state energy company Socar (Baku) have signed a memorandum of understanding (MOU) for potential cooperation in the biofuels production chain, including the possible conversion of conventional crude oil refineries into biorefineries. A schedule for potential projects was not given.
