Unigel puts on sale packing area

The Unigel, one of the most traditional chemical groups of the country, is already close to selling the assets in the area, found the value. This business is estimated by the market between $ 300 million and $ 400 million.
This movement is part of the company's efforts in the search for solutions for your future. The packaging business is considered to be outside the company's core activities. So, this active negotiations started in 2012.
The value, Marc Slezynger, Executive Vice President of the company and son of the founder, Henri Slezynger, chose not to comment on the asset sale of packaging. The Executive is limited to admit that the company evaluates selling "non-core" assets.
According to him, the Unigel want to capitalize to take advantage of market opportunities in Brazil and in Mexico, where it is present. In addition to dispose of non-strategic assets, the company evaluates several solutions for your financial situation. The sale of minority stakes and IPO-movement has considered in the past but dropped due to the adverse market conditions-are the preferences of the founding family. In this way, they would be in business.
However, the value was found that no template is thrown. Not even the sale of the entire company. The Executive, however, did not comment on that possibility. The Group also operates in the segments of acrylics, Styrenics and fertilizers.
Who is coordinating the work of searching for a solution for Unigel is the Estáter financial boutique, was ahead of the negotiations of the main movements that reorganized the petrochemical sector in the country. Sought, the Estáter did not respond to the value. The conversations about the packaging unit's sales, however, are not in the hands of the boutique, who took over the job for about a month, as creditors of the company.
The goal, if the movement is to thrive, capitalization that the relationship between net debt and the earnings before interest, taxes, depreciation and amortization (Ebitda) is between two and three times. Currently, this ratio is four times.
According to Marc, the company is already in advanced negotiations to extend the short-term debts. At the end of 2012, the gross bank debt of r $ 1.4 billion, more than 40% went on to win this year. The current net bank debt of about $ 1.2 billion, by strong investments made in 2007 and 2008, and by the fall of the market in 2008 and 2009.
The situation with the suppliers, including the petrochemical Braskem Unigel which is one of the largest customers is normalized, as well as its supply of raw materials. The balance with suppliers is supported by high working capital of the company, in their inventory and receivables, which exceed the amount due.